Tally, a San Francisco, CA-based automated debt manager, raised $25m in Series B funding.
The round was led by Kleiner Perkins with participation from previous investors. These include Shasta Ventures, Cowboy Ventures and Sway Ventures.
In conjunction with the funding, Mamoon Hamid, general partner at Kleiner, will join Tally’s board of directors.
The company intends to use the funds to scale the business.
Founded in 2015 by Jason Brown, CEO, Tally analyzes users’ financial profiles to determine the smartest and fastest way to pay down a consumer’s credit card debt, then takes action based on this information, giving users an automated way to get debt advice and adjust the not optimized current situation.
The solution also gives people a line of credit with a lower interest rate and help them manage their payments, ensuring cards are always paid on time.
The iOS or Android app enables consumers to use credit cards and rewards without worrying about late fees and other penalties.