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Tally signs up nearly 1,000 accounts following June launch

Tally is looking at monetising its gold exploration and mining assets in India and Finland.

Cameron -
Tally is also considering a crowdfunding campaign in late 2019

Gold-backed alternative currency Tally Ltd has signed up almost 1,000 customers since it launched in June, according to chief executive Cameron Parry.

A Tally account offers customers a way to transfer funds that are then converted automatically into Tally gold, physical gold amounts that are owned by the account holder and kept in a secure vault in Switzerland.

Customers can then spend this gold using a debit card.

Parry said: "I am pleased to report that there are nearly 1,000 Tally account holders currently and this has been achieved mainly through organic growth since the App was released in mid-June." 

For the next year, Tally says it intends to boost the ratio of customer sign-ups to app downloads;  automate and improve the customer onboarding process; integrate sterling with the Tally platform to connect to the UK Faster Payments system and beef up the account’s general functionality.

 In addition, Tally is looking at monetising its gold exploration and mining assets in India and Finland.

The date of a proposed IPO in London to raise over £5mlnhas moved to 11 May 2020 as management believes it would be sensible to have six months worth of customer metrics and activity data.

Tally is also considering a crowdfunding campaign in late 2019 to increase brand and product awareness, raise funds and add new customers.

In July, a pre-series A funding round raised £655,000 at 1.5p per share, of which management contributed £125,000.

"We are mindful that the revised timeline needed to list the company's shares may be disappointing or frustrating, but we must continue to focus on achieving relevant milestones in order to deliver a successful IPO,” Parry added.

One Tally is equal to one milligram of gold that can be spent like normal currency.

At 2 September, one Tally was equal to approximately 4p (i.e. t1 = £0.04) compared to 3.33p when the account launched.

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