San Francisco-based tally Technologies, fee, while avoiding the expenses and other credit card membership pain, in venture financing of Series A for people to start a promise application in order to help maintain a good credit $ 15M (1500 million) was raised. Shasta Ventures, led the Series A, previous patron of the company took part - cowboy Ventures and AITV. Silicon Valley Bank also has investment.
According to the tally, CEO and co-founder Jason Brown, to the company has been operating in the longer stealth than this year, it has been tested a beta customer and the service of about three months.
Here, the work of the tally app, Brown describes how are as follows. User is allowed to start to pay these bills from being issued to the credit of the tally line, through a simple credit score check, it is possible to scan all of their personal credit cards to tally you.
"Average and of. Capita 3.7" Brown said, "Most of the adults in the United States, have more than one personal credit card" and, at least 4 out of 10 of all US households, late fees racking, and carry the balance of your credit card, you pay the interest.
8 employees of start-up, the customer is you can avoid all of the late fees and other expenses of these, all of them offers the April to slightly lower position than the average in April of their cards. If customers do not pay off their entire tally balance, the company will make money in April under the, again, they are the amount, will the customer had to pay other banks This promises to be lower than the thing.
Previously, cowboy Ventures has led the seed round of $ 2 million company. Managing Director Sean Flynn of Irene Lee and Shasta Ventures of cowboy Ventures is, will sit on top of the tally of the board. Flynn said, in order to make start-up the service is widely known, and through a phased deployment, in order to bring the user to the application, he said that the plan to use the funding of its Series A.
Tully also, it is possible to provide a credit line, because there is a need to raise institutional capital from there, the customer is, proved to be a good credit risk, we need to develop a partnership in the financial industry there is.
As a company, Shasta was shunned from face the challenge of alternative investment to, or the lending club is now under surveillance peer-to-peer lending platforms such as prosperity, and serious growth away.
Flynn, whether they go to college, not just tally when you need a loan around the big life events such as buying a house, because the appeal of the start-up of services in widely people consistently, other non-bank He said that it seemed to be different from the financial services company.
"Tally, the customer is, to bear the charges or fees for managing a plurality of credit cards, to solve the first problem you do not know the payment to," Flynn told. "They are a lot of people you can apply it is an elegant solution. "
Brown has said the tally, however, have benefited from the success of the alternative lending start-up "before.
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