Tally offers automated credit card debt payment services, analysing customer financial profiles to determine the best and fastest way to pay down debt and then offering eligible consumers a new line of credit at a lower interest rate to support faster repayment.

To date, Tally has paid more than $1 billion in credit card debt for its members, saving them millions of dollars in interest and late fees. The firm typicall offers consumers a line of credit with an APR that is on average 30% lower than members’ credit card APR.

The new funding round, which also included participation from previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures, comes as credit card rates rise in response to inflation busting interest hikes by the Federal Reserve. In the second quarter of 2022, credit card balances rose by nearly $50 billion — which represents the largest cumulative increase in more than 20 years, according to the NY Fed.

“Credit cards are designed to trap people in a cycle of debt," says Jason Brown, Tally 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.”