Tally | October 04, 2022
Tally, the financial automation company that pioneered a new approach to addressing the nation’s $900 billion credit card debt crisis, announced today that it has raised $80 million in Series D funding, led by Sway Ventures with participation from Menora Mivtachim. Previous investors Kleiner Perkins, Andreessen Horowitz, Shasta Ventures and Cowboy Ventures also took part in this round. Tally will use the funding to continue to grow the business and further expand its automated debt pay-down system to help members get out of credit card debt, reducing the time and stress it takes people to reach their financial goals. Tally also announced that Ken Denman, a veteran customer-centric technology leader, has joined Tally’s Board of Directors.
“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,”
-Denman, General Partner at Sway Ventures
Denman was previously co-founder and CEO of Emotient, Inc., a software technology developer that was acquired by Apple, and has served on the boards of prominent companies including Costco Wholesale Corporation, Motorola Solutions, VMware and Lending Club Inc., among others.
More than 30 percent of Americans have interest-bearing credit card debt, and rates are rising as the Fed works to stanch inflation. 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.
Tally offers automated credit card debt payment services, analyzing 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.
Today’s announcement comes as the company reports record growth and experienced several milestones:
Nearly tripled its Annualized Recurring Revenue (ARR) in the past year
Saved Tally members $1.2 million in late fees in 2021 alone
Offered a line of credit with an APR that is on average 30% lower than members’ credit card APR
Enabled the average Tally member to get out of debt up to three years faster
Expanded its executive ranks, including the promotion of Genessa Stout as COO, Jason Huynh as CRO, David Deitchman as VP of Ethics and Compliance and the addition of Vinh Nguyen as VP of Credit and Mark Kearns as VP of Capital Markets and Business Development
Credit cards are designed to trap people in a cycle of debt. 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, We are thrilled to bring Ken and his leadership and deep expertise on board and to continue changing the face of debt management for consumers across the country,said Jason Brown, Tally CEO and co-founder.
Before Tally I only paid the minimum that I could. Now Tally has made it to where the balances are either nothing or minimal in comparison, so I have a better handle on what additional payments can do for my finances. And the ease of making additional payments has been great as well, said Tally user Dani J., of Lexington, SC.
Tally is a consumer tech company on a mission to make people less stressed and better off financially through automation. Founded in 2015, the company built the first automated debt manager to help people pay down credit card debt and put billions of dollars back in their pockets. Recently, Tally was named to Fast Company's 2021 Most Innovative Companies list and Forbes’ 2020 Next Billion-Dollar Startup list. Its automated debt manager was awarded Real Simple's 2020 Smart Money Award as the best app for paying down debt.
Tassat Group | October 04, 2022
Tassat Group Inc., the leading provider of private blockchain-based business-to-business (B2B) real-time payments and financial services solutions to banks, announced that The Digital Interbank Network completed over $500 million in real-time transactions among three banks using Tassat-controlled accounts on Saturday, October 1.
The groundbreaking launch saw over 400 transactions conducted without failure during an 8-hour period, an average of $1.25 million per transaction, using Tassat-controlled accounts at Cogent Bank, Customers Bank (NYSE: CUBI) and Western Alliance Bank. Tassat’s goal is to establish The Network as a viable platform for participating banks’ B2B customers to execute real-time payments between businesses at different banks.
“We exceeded our goal for the launch with over $500 million in transactions, It is exciting to be part of such a historic moment in the banking industry as our blockchain technology solution transforms banking in America."
-Kevin R. Greene, Tassat’s Chairman and CEO
It has been our long-held view that private permissioned blockchain technology operating entirely within the existing US banking system can deliver all the power of blockchain without the need to discard or replace the trusted U.S. banking system that has served the U.S. and the world for more than 100 years. Tassat’s goal is to work with U.S. banks to modernize the U.S. banking system, not to displace or disintermediate banks. We don’t want to see traditional banks get left behind, added Greene.
We would like to thank the banks that we worked with today as well as the dozens of banks who have provided guidance and input over the last nine months. We look forward to making this capability available to every bank and their customers in the U.S., said Greene.
First introduced in December 2021, The Network will facilitate secure, instantaneous transactions 24/7/365 between B2B customers of all sizes at member banks and features no Network-imposed limits on transaction sizes or volumes. Operating on a private permissioned blockchain, The Network uses technology developed by Tassat but is designed to serve its U.S. bank members. The Network is distinct from TassatPay®, which is Tassat’s flagship platform that enables real-time transactions between business customers of the same bank. As of October 1, TassatPay has processed more than $600 billion in transactions.
Senior officials of the banks participating in the demonstration commented on The Network’s successful execution of over $500 million in transactions:
Being part of The Digital Interbank Network is a clear demonstration of our desire to be a leader in the next generation of the U.S. banking system, We are proud to participate in the development of a platform that will provide our customers speed and security in their financial transactions,said Lee Hanna, CEO, Cogent Bank.
Customers Bank is committed to serving commercial customers with scaled blockchain technology and greater ecosystem offerings, We look forward to continuing to work with Tassat in their development of The Network’s capability to serve these institutions more efficiently and with greater safeguards,said Sam Sidhu, President and CEO, Customers Bank.
Western Alliance Bank
We are pleased to support the development of a platform leveraging innovative blockchain technology, with the potential to expand our suite of services and provide our customers with the speed and convenience of 24/7/365 payments and more, Piloting The Digital Interbank Network is one way we are driving next-generation commercial banking,said Tim Boothe, Chief Operating Officer, Western Alliance Bank.
The Network has been advancing towards its commercial launch with the input and guidance from a working group of Special Charter Member Banks: Byline Bank, California Bank of Commerce, Emprise Bank, First Foundation Bank, Lineage Bank, OceanFirst Bank, SouthState Bank and Texas Capital Bank. The Network’s Special Charter Members have been enormously helpful in the development of The Network. We are grateful for their participation to help us get to this momentous launch and look forward to continuing to work closely with them, added Greene.
About The Digital Interbank Network
The Digital Interbank Network is the world’s first blockchain-based, real-time B2B payments network operating entirely within the existing regulatory framework of the U.S. banking system. The Network’s members include only FDIC-insured banks transacting real-time payments and performing other banking services between commercial customers –24 hours a day, 365 days a year, via a private permissioned blockchain. The Network enables banks to offer a virtually unlimited range of secure, real-time services to their customers, including instantaneous blockchain-based payments, Fedwire integration and Smart Contracts. The Network is a highly secure, private permissioned blockchain-based payment instruction and settlement platform that is accessible only by member banks.
About Tassat Group
Tassat Group Inc. is a NY-based technology company that is the leading provider of private blockchain-based, real-time solutions for commercial banks including TassatPay, which enables banks to provide their customers with instantaneous, secure, real-time payments 24/7/365. TassatPay has become the most trusted blockchain-based platform for the banking industry and its B2B customers with more than $600 billion in secure, real-time transactions to date. Tassat has added Smart Contracts and Fedwire functionality to make TassatPay a one-stop shop for B2B Payments. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services.
Solvd and Siguler Guff | October 03, 2022
Solvd Inc., a global technology consultancy and software engineering company, today announced that it has secured a majority investment from Siguler Guff & Company, LP (Siguler Guff), a global multi-strategy private markets investment firm with deep experience in the digital product development industry. With Siguler Guff's support, Solvd can continue to expand its distributed development division and will seek to strengthen its advanced capabilities in test automation, application development, and DevOps for its clients. The Company will also look to further support its management team by adding senior sales and engineering-focused professionals in the U.S.
Founded in 2011, Solvd's team of over 600 engineers spans eight countries in Latin America, North America and Eastern Europe. Solvd services Fortune 500 clients across several high-growth industries including FinTech, Retail, Media & Entertainment, Software and Health & Wellness. In each of the last three years, the Company has doubled its sales by leveraging Zebrunner, their innovative proprietary quality management platform.
"Siguler Guff's investment is an important validator of the truly valuable experience our employees and management team have achieved for our clients, Siguler Guff's industry insights, strong relationships, and collaborative style make them an ideal partner. We are thrilled to be a core investment from their flagship growth fund and welcome Drew Guff and Shaun Khubchandani to our Board of Directors."
-Alex Khursevich, CEO of Solvd
Drew Guff, Managing Director and a Founding Partner of Siguler Guff, commented, Having previously invested in industry leaders EPAM Systems and GlobalLogic, our firm is focused on backing digital transformation. We couldn't be more excited to continue this commitment by partnering with the Solvd team to support the development of their outstanding software product and client services. We look forward to working together in this new phase of accelerated growth and expansion of the Company's delivery footprint.
Shaun Khubchandani, Managing Director and a Portfolio Manager of Siguler Guff, added, Across all sectors, successfully migrating to digital has become a crucial differentiator for businesses globally. Solvd's engineering expertise and IP-focused culture enable it to lead this paradigm shift and competitively gain market share over its competition. The Company provides meaningful opportunities to the growing tech talent base in Europe and Latin America, and Siguler Guff is uniquely positioned to use its sector experience to bolster Solvd's talent base organically and through acquisitions.
Solvd is a global technology consultancy and software engineering company with over 600 engineers located across eight countries in Latin America, North America and Europe. Solvd has built a core competency in software QA and test automation consulting and its solutions have broadened to include custom app development, DevOps, AR / VR development among other solutions which the Company has developed to meet their client's growing needs. The Company has also developed a rich intellectual property library which includes Zebrunner, an innovative proprietary quality management platform. Solvd services Fortune 500 clients across several high-growth industries which include FinTech, Retail, Media & Entertainment, Software and Health & Wellness. Solvd is headquartered in Roseville, CA, and has 7 development centers in Ukraine, Poland, Georgia, Argentina, Brazil, Mexico and a sales office in Hungary.
About Siguler Guff
Siguler Guff is a leading global multi-strategy private markets investment firm, which together with its affiliates, has approximately $17 billion of assets under management, as of June 30, 2022, and over 30 years of investment experience. Siguler Guff seeks to generate strong, risk adjusted returns by focusing opportunistically on market niches. Siguler Guff's core investment strategies include opportunistic and private credit, small business private equity, distressed real estate and emerging markets. Siguler Guff's investment products include direct investment funds, multi-manager funds, and customized separate accounts. Founded in 1991 and headquartered in New York, Siguler Guff maintains offices in Boston, London, Mumbai, São Paulo, Shanghai, Seoul, Tokyo, Hong Kong and Houston, TX.