Tally Ltd’s chief executive said the company “continued to build strong foundations” in its second quarter by increasing its organisational size and capability while also commencing the build of its new internal ledger architecture and banking engine Teco.
“We have been progressing our plans to convert investments from being non-core fixed assets to current assets with an aim to see the Company fully funded by its investment assets by the end of 2021, as part of making Tally a robust IPO proposition”, CEO and founder Cameron Parry said in a statement.
“Our crowdfunding strategy was deferred last quarter as we look to align that with the Company's planned IPO. As such Tally conducted a pre-IPO private placing at 2p per share in June raising circa £400,000 from investors and an external developer choosing to take shares as part payment for ongoing work…We achieved several milestones last quarter, including the release of our upgraded pricing model for B2C customers, updated branding and release of our new website design along with 'how to' videos. In addition, work has been ongoing in relation to the divestment of non-core assets to provide additional cash resources for growth and to launch the Company's fixed rate savings product”, Parry continued.
“We are targeting an IPO that would see us make application for listing the Company's shares on the London Stock Exchange Main Market in December 2021. We haven't spoken of timelines to listing the Company's shares over the last 18 months, but given we're now at the end of our financial year and can proceed with our auditors to prepare audited accounts for Tally's IPO prospectus, the advances being made with our "Teco" platform, and progress being made on converting investment assets to liquid assets, it is a reasonable to start outlining the path to IPO. As previously stated, Tally's IPO strategy is not just about seeing the Company's shares available for trading, it is to add another regulated environment for Tally customer confidence, provide a platform for thought leadership about banking, money and fintech, and as part of our mission toward the democratisation of money”, the CEO added.