- 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.
