Tally, a US-based credit card debt payoff platfom, has secured $80m in Series D funding round led by Sway Ventures to fund business expansion.

The funding round was also joined by Menora Mivtachim as well as previous investors including Andreessen Horowitz, Kleiner Perkins, Shasta Ventures and Cowboy Ventures.

The funding will also be used by Tally to further expand its automated debt pay-down system to help members reduce credit card debt.

Tally also appointed Ken Denman, a veteran customer-centric technology leader, to its board of directors.

Sway Ventures general partner Denman said: “Tally is a true industry innovator for its distinctive use of technology to help more consumers get out of debt, and we look forward to partnering with the Tally team to help expand their product offerings and reach, particularly during a time when credit card balances are nearing all-time highs.”

Tally provides automated credit card debt payment services to determine the best and fastest way to pay down debt by analysing customer financial profiles.

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It also offers a new line of credit at a lower interest rate to eligible consumers to support faster repayment.

To date, Tally is said to have paid credit card debt of over $1bn for its members, saving them millions of dollars in late and interest fees.

Tally CEO and co-founder Jason Brown said: “Our debt-free system helps consumers pay off credit cards faster, empowering them to take control of their finances and make real progress towards their financial goals.”