Automated debt payment platform Tally bags $80m Series D

US-based financial automation platform Tally has raised $80 million in a Series D funding round led by Sway Ventures with participation from Menora Mivtachim, an Israeli insurance firm.

Existing investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part in this round.

Tally says it aims to use the new funding to grow its business and further expand its automated debt pay-down system to “help more people get out of credit card debt” and help them reach their financial goals.

Founded in 2015 and based in San Francisco, Tally offers automated credit card debt payment services. It says it analyses customers’ financial profiles to suggest “the best and fastest” way to clear their debt. It also offers eligible customers a new line of credit at a “lower” interest rate to “support faster repayment”.

“Credit cards are designed to trap people in a cycle of debt,” says Jason Brown, Tally’s CEO and co-founder.

“Our debt-free system helps consumers pay off credit cards faster, empowering them to take control of their finances and make real progress towards their financial goals.”

To date, Tally claims to have paid more than $1 billion in credit card debt for its customers, saving them “millions of dollars” in interest and late fees.

Tally also announced that Ken Denman, a veteran customer-centric technology leader, has joined its board of directors.