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Tally, a fintech startup that helped consumers manage credit card debt, has shut down due to lack of funding.
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The company had raised $172 million in funding and was valued at $855 million, but was unable to secure necessary funding to continue operations.
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Tally had shifted its focus from consumer app to B2B in April, but failed to secure a launch partner, leading to its shutdown.
Tally, a nine-year-old fintech startup, has shut down after running out of cash. The company, which helped consumers manage and pay off credit card debt, had raised $172 million in funding and was valued at $855 million. Despite its efforts to shift its focus from consumer app to B2B, Tally was unable to secure the necessary funding to continue its operations.
Tally’s model was designed to help people manage their credit cards and pay off high-interest debt through a lower interest loan. However, the company faced challenges in securing funding and ultimately shut down. The shutdown is a reminder of the challenges faced by fintech startups in securing funding and achieving profitability.
The company’s shutdown also raises questions about the viability of fintech startups that focus on credit card debt management. As the fintech industry continues to evolve, it remains to be seen how other startups will address this challenge.
