LendingClub in San Francisco and Pagaya Technologies in New York have partnered to buy the intellectual property behind the now-defunct Tally Technologies.
Tally’s consumer solution let users 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 B2B credit card debt management platform.
LendingClub said in a press release that the deal will accelerate the evolution of its member engagement platform. The price wasn’t disclosed.
“LendingClub is committed to building innovative tools and solutions that help our members better manage their debt and keep more of what they earn,” Scott Sanborn, the company’s CEO, said in the release.
“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,” Sanborn added.
Pagaya said it will focus on enhancing its white-label B2B solutions, incorporating the Tally product as a value-added offering for its network of lending partners.
“Integrating and embedding Tally into our B2B offerings significantly enhances the value we provide to our partners through our suite of cutting-edge products,” Sanjiv Das, the company’s president, said in the release. “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 shut down in August. Its assets became available for purchase under a process facilitated by an affiliate of Sherwood Partners.