Tally

Fintech company Tally, which was backed by Andreessen Horowitz and last valued at $855 million, is shutting down entirely after running out of cash, resulting in layoffs for its entire workforce of 183 employees. The closure was announced by the CEO on August 12, 2024, following an unsuccessful search for new funding. The nine-year-old San Francisco-based startup, which had raised $172 million, initially helped consumers manage credit card debt but had recently pivoted to a B2B model. This shutdown represents a 100% reduction in staff for the fintech industry firm, marking the end of its operations.

Tally, a San Francisco-based fintech startup that helps users manage multiple credit cards, laid off 28 employees last Monday, representing 23% of its workforce across all departments including Engineering, Design, and People Operations. The company cited restructuring efforts amid broader economic challenges, offering severance, extended health insurance through 2020, and additional benefits to support affected staff. This move reflects ongoing adjustments in the tech industry as startups navigate uncertain market conditions.