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 held in an accredited secure vault in Switzerland, which is 100% insured, and approved by the London Bullion Market Association (LBMA).
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.
Aside from its Tally service, the group also has holdings in certain fintech, gold mining and exploration firms.
How it's doing
The group started a funding round in June ahead of a planned return to the public markets in 2021, having launched a rebuilt physical gold-backed banking platform.
Tally said it is looking to raise up to £3mln for marketing and ongoing technology development, incorporating a crowdfunding campaign, by the end of September.
This followed a restructuring of its tech development team in March and the redesign and rebuild of its platform from scratch in April and May.
The digital bank earlier reassured customers that it remained “in a good position” during the coronavirus pandemic.
What the boss says: Cameron Parry CEO
“Tally is in a good position with regard to operating its full reserve banking platform during this pandemic,” Parry said in March.
“As a digital NBFI (non-bank financial institution), nearly all of our business activities are carried out digitally, enabling Tally to be operated remotely.”
In July he said: “With our focus having been on improving our technology foundations, we end the [second] quarter with similar customers numbers to that which we started this quarter – over 5,000 account holders. The extended tech development period has delayed the start of our pre-IPO capital raising, but this has now commenced and should be completed by the end of Q3.
“During the second quarter we also developed a creative campaign around the theme 'Up yours!' – being a cheeky protest against the incumbent banking situation as well as a ‘call to action’, – which we plan to release more material around during next quarter as part of attracting more customers.”
- Re-listing on AIM
- Pre-IPO funding round
- Growth spurred by people looking for bank alternatives
- Gold price rising