US fintech Tally has raised $80 million of series D funding to expand its automated debt pay-down system to help people get out of credit card debt.
Tally plans to use the funding to grow its business and expand its offering to serve a larger number of people. According to the fintech, more than 30% of Americans have interest-bearing credit card debt.
Its platform analyses financial profiles to determine the best and fastest way to pay down debt and then offers eligible people 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 customers.
Sway Ventures led the series D round, with participation from Menora Mivtachim. Previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part in this round.
As well as announcing the series D funding round, the fintech welcomed Ken Denman, a customer-centric technology leader, to its board of directors.
Denman, general partner at Sway Ventures, commented: “Tally is a true industry innovator for its distinctive use of technology to help more consumers get out of debt, and we look forward to partnering with the Tally team to help expand their product offerings and reach, particularly during a time when credit card balances are nearing all-time highs.”