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Tally eyes crowdfunding round as updated digital banking app nears release

The chief executive also said Tally "remains on track” to achieve its corporate objective of a successful IPO by May next year

Cameron - Tall

Online reserve banking platform Tally Ltd has announced that the second version of its app is “nearing completion”, after which it hopes to begin pre-registering for another fundraise.

Formerly known as Lionsgold, the fintech said in an update on Monday that a new design of the app will “reduce friction-points in the customer journey and enhance the customer experience”, while retaining all functionality and adding new features.

Since releasing its digital banking app and debit card in June, 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.

Elsewhere, Tally said that it had decided to “actively market” Tally's 32% holding in Finnish gold joint venture Kalevala Gold Oy, reflecting the company’s refocus on digital banking.

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.

He added: “Whilst there are regular twists and turns to adapt to as we grow as a business, Tally's corporate objective of achieving a successful IPO by 11 May 2020 remains on track”.

£1 was worth approximately 27 Tally® as of November.

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