LendingClub and Pagaya Acquire Tally Technologies’ Intellectual Property

LendingClub Corporation (NYSE: LC), the operator of the leading U.S. digital marketplace bank, and Pagaya Technologies LTD (NASDAQ: PGY), a global AI-powered financial technology company, have announced a joint acquisition of the intellectual property of Tally Technologies, Inc.

Tally, known for its innovative technology, simplified credit card management by optimizing payments, reducing interest, and improving users’ credit health. It allowed consumers to link their credit cards, automate payments, and adopt strategies to lower interest and avoid late fees. The company also offered a business-to-business (B2B) embedded white-label platform for managing credit card debt.

LendingClub plans to integrate Tally’s technology into its member engagement platform, accelerating growth and enhancing tools to help members better manage their debt. CEO Scott Sanborn highlighted that with credit card debt and interest rates at all-time highs, Tally’s technology would play a crucial role in supporting users’ financial health.

Pagaya, on the other hand, will incorporate Tally’s B2B solutions into its AI-powered network of lending partners. Sanjiv Das, Pagaya’s President, stated that this move would enhance the value provided to its lending partners, delivering advanced credit management tools for their customers.

Tally ceased operations in August 2024, and its assets were acquired through a process facilitated by Sherwood Partners, Inc. This acquisition allows Tally’s innovations to continue benefiting consumers through the combined efforts of LendingClub and Pagaya.