Automated debt management app Tally funding round recently raised $25m led by American venture capital firm Kleiner Perkins.
The company’s previous investors Shasta Ventures, Cowboy Ventures and Sway Ventures also participated in this funding round.
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Tally intends to use the fresh funds to expand its business and offer its services to more Americans helping them to tackle their credit card debt.
Tally CEO and co-founder Jason Brown said: “Credit card debt is a huge source of stress for over half of American households — it’s the most widespread financial issue in the country with nearly half of Americans contributing to the $1 trillion record-high debt load.
“We are excited to get the backing of the Kleiner team to improve the quality of life for the huge population of people worrying day in and day out about managing and trying to reduce their debt.”
Founded in 2015, Tally evaluates the customer profiles to identify the ideal way to reduce credit card debt and accordingly determines the subsequent action.
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By GlobalDataIt enables the customers save money by offering them a line of credit with a lower interest rate and assisting them to manage their credit.
The company launched its app in October last year to optimise the usage of cars for their convenience and rewards.
The company is also said to have its own underwriting and financing models enabling the users to save more.
Following the investment, Kleiner Perkins general partner Mamoon Hamid will join Tally’s board of directors.
