What Tally does
Tally Ltd is the developer of the banking and physical asset currency of the same name. Previously known as Lionsgold, Tally offers users a currency that is directly pegged to physical gold.
Each ‘unit’ of Tally is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card. The physical gold is London Bullion Market Association (LBMA) approved and held in an accredited secure vault in Switzerland, which is 100% insured.
The product is not a fiat (government-issued) currency, nor is it a cryptocurrency, but is a tangible asset held in a customer's banking account, with a debit card that operates complementarily to fiat currencies using the mainstream banking system.
What it owns
Aside from its Tally service, the Company also has holdings in certain fintech, gold mining and exploration firms.
• A 12.5% stake in Railsbank, a fintech firm that allows businesses to provide global banking services to their customers. Tally holds the exclusive right to use Railsbank’s application programmer interface (API) for deposits, currencies and any other products related to physical gold or gold derivatives
• A 22% holding in Indian gold explorer Geomysore Services, which owns exploration rights to the Jonnagiri gold project in the state of Andhra Pradesh, which a feasibility study estimated to contain around 151,020 probable reserve gold ounces
• A 32% stake in Finnish joint venture Kalevala Gold Oy, which holds around 1,500 square kilometres of gold prospective ground in the Scandinavian country - although Tally announced in November that it plans to “actively market” the stake to reflect the company’s refocus on digital banking
Launch of Tally
On 10 June, the company said its physical gold challenger currency was now live on Apple’s App Store and the Google Play Store.
Tally was initially released to UK residents only, however it was able to be spent at over 37mln merchant outlets globally through the Tally Mastercard debit card.
Cameron Parry, Tally’s chief executive, commented: "This is a historic day. For the first time, consumers can choose an alternative mainstream currency that is independent, insulated and innovative - putting control and certainty of money back into the hands of the customer.”
Tally was designed and developed over the course of 2017 and 2018 and has become the group’s core business focus, hence the name change which took effect from 29 April.
In November, it announced that the second version of the app is “nearing completion”, after which it hopes to begin pre-registering for another fundraise.
The new design will “reduce friction-points in the customer journey and enhance the customer experience”, while retaining all functionality and adding new features.
Tally said it has been working to connect Tally accounts to the UK Faster Payments network, and integrating the Tally platform with scalable customer onboarding, compliance and fraud prevention.
Plans for a re-float
Shares were withdrawn from trading on London’s AIM junior market in November 2018, however a re-float is still on the cards, the group having reserved the stock ticker ‘TALY’.
In the statement on 10 June, Parry said: "TALLY is a public company that intends to be listed again in London as part of its commitment to the true democratisation of money.”
He added: "TALLY also has significant holdings in key technology partner Railsbank Technology Ltd, as well as gold mining and exploration interests in India and Finland and we shall be updating shareholders in due course on those fronts, along with other activities in the lead up to the Company's planned listing later this year.”
Cameron Parry, chief executive officer, said that following the release of Tally’s second version of its app, it will begin pre-registration for its next capital raising round in the second half of December, via SEEDRS crowdfunding platform.