By Gloria Mathias
Today
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LendingClub Corporation
, operator of America’s digital marketplace bank, and Pagaya Technologies, a global technology company, have partnered together to acquire the intellectual property behind Tally Technologies, Inc. (Tally).
Tally’s technology simplifies credit card management, helping users optimise payments, reduce interest, and improve credit health. Tally’s consumer solution allows users to link credit cards, automate card payments, and adopt strategies to lower interest costs and avoid late fees. The company also created an embedded, white-label business-to-business credit card debt management platform leveraging the same functionality.
LendingClub uses proprietary technology and data to provide consumers with compelling solutions to reduce the cost of their debt and pay it off more quickly. This transaction will accelerate the evolution of LendingClub’s member engagement platform to drive future growth.
“LendingClub is committed to building innovative tools and solutions that help our members better manage their debt and keep more of what they earn,” said LendingClub CEO Scott Sanborn. “Tally’s credit card management platform, along with a few select former Tally employees who have joined our team, will bolster those efforts and accelerate our strategy to empower and engage our members with full visibility into their credit card debt. With credit card debt and interest rates at historic highs, the need for better tools and solutions has never been greater. So we’re excited to accelerate our innovation in this area.”
Pagaya will focus on enhancing its white-label B2B solutions, incorporating the Tally product as a value-added offering for its network of lending partners. This strategic move allows Pagaya to deliver advanced credit management solutions that lending partners can offer to their customers under their brands.
“Integrating and embedding Tally into our B2B offerings significantly enhances the value we provide to our partners through our suite of products,” said Sanjiv Das, President of Pagaya. “We are committed to leveraging Tally’s technology to create tailored solutions that meet the diverse needs of our lending partners and their customers.”
Tally ceased operations in August 2024, after which its assets became available for purchase pursuant to a process facilitated by an affiliate of Sherwood Partners, Inc. With LendingClub and Pagaya leveraging Tally’s intellectual property, Tally’s innovations can continue to benefit consumers in the future.