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LendingClub and Pagaya acquire intellectual property of shuttered fintech Tally

  • LendingClub Corporation, a California-based digital lending platform, has partnered with Pagaya Technologies, a US-Israeli fintech, to acquire the intellectual property (IP) of defunct fintech Tally Technologies for an undisclosed amount.
  • Tally Technologies developed an embedded, white-label credit card debt management platform but ceased operations in August 2024 due to its inability to secure necessary funding, despite raising $80 million in 2022.
  • At the time of its closure, Tally employed 183 people and claimed to have created the first automated debt management tool for credit cards and interest payments.
  • Pagaya, which specializes in AI-driven consumer credit and real estate solutions, plans to incorporate Tally’s products into its white-label B2B suite to enhance its credit management capabilities.
  • The acquisition follows Pagaya’s earlier deal in August for institutional asset manager Theorem Technology.
  • LendingClub intends to leverage Tally’s IP to improve its member engagement platform and has welcomed some former Tally employees to its team, following a January 2023 layoff of 225 workers due to reduced loan demand caused by interest rate hikes.

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