LendingClub & Pagaya Acquire Assets of Tally Technologies
09 Outubro 2024 - 10:00AM
Business Wire
LendingClub to leverage Tally’s credit management solutions to
benefit the bank’s 5 million members
Pagaya adds Tally’s B2B credit management solution to its
product suite offering for its over 30 lending partners
LendingClub Corporation (NYSE: LC), operator of America’s
leading digital marketplace bank, and Pagaya Technologies LTD
(NASDAQ: PGY), a global technology company delivering AI-driven
product solutions for the financial ecosystem, today announced that
they partnered together to acquire the intellectual property behind
Tally Technologies, Inc. (“Tally”).
Tally’s innovative technology simplifies credit card management,
helping users optimize payments, reduce interest, and improve
credit health. Tally’s consumer solution allows users to link
credit cards, automate card payments, and adopt strategies to lower
interest costs and avoid late fees. The company also created an
embedded, white-label business-to-business credit card debt
management platform leveraging the same functionality.
LendingClub uses proprietary technology and data to provide
consumers with compelling solutions to reduce the cost of their
debt and pay it off more quickly. This transaction will accelerate
the evolution of LendingClub’s member engagement platform to drive
future growth.
“LendingClub is committed to building innovative tools and
solutions that help our members better manage their debt and keep
more of what they earn,” said LendingClub CEO, Scott Sanborn.
“Tally’s credit card management platform – along with a few select
former Tally employees who have joined our team – will bolster
those efforts and accelerate our strategy to empower and engage our
members with full visibility into their credit card debt. With
credit card debt and interest rates at historic highs, the need for
better tools and solutions has never been greater, and so we’re
excited to accelerate our innovation in this area.”
Pagaya’s AI-powered network of 31 lending partners and 120
institutional investors aims to be the preeminent consumer lending
technology solution for the financial ecosystem. Pagaya will focus
on enhancing its white-label B2B solutions, incorporating the Tally
product as a value-added offering for its network of lending
partners. This strategic move allows Pagaya to deliver advanced
credit management solutions that lending partners can offer to
their customers under their own brands.
"Integrating and embedding Tally into our B2B offerings
significantly enhances the value we provide to our partners through
our suite of cutting-edge products,” said Sanjiv Das, President of
Pagaya. “We are committed to leveraging Tally’s technology to
create tailored solutions that meet the diverse needs of our
lending partners and their customers.”
Tally ceased operations in August 2024, after which its assets
became available for purchase pursuant to a process facilitated by
an affiliate of Sherwood Partners, Inc. With LendingClub and Pagaya
leveraging Tally’s intellectual property, Tally’s innovations can
continue to benefit consumers for years to come.
About LendingClub LendingClub Corporation (NYSE: LC) is
the parent company of LendingClub Bank, National Association,
Member FDIC. LendingClub Bank is the leading digital marketplace
bank in the U.S., where members can access a broad range of
financial products and services designed to help them pay less when
borrowing and earn more when saving. Based on more than 150 billion
cells of data and over $90 billion in loans, our advanced credit
decisioning and machine-learning models are used across the
customer lifecycle to expand seamless access to credit for our
members, while generating compelling risk-adjusted returns for our
loan investors. Since 2007, more than 4.9 million members have
joined the Club to achieve their financial goals. For more
information about LendingClub, visit
https://www.lendingclub.com.
About Pagaya Technologies Pagaya (NASDAQ: PGY) is a
global technology company making life-changing financial products
and services available to more people nationwide, as it reshapes
the financial services ecosystem. By using machine learning, a vast
data network and an AI-driven approach, Pagaya provides consumer
credit and other products for its partners, their customers, and
investors. Its proprietary API and capital solutions integrate into
its network of partners to deliver seamless user experiences and
greater access to the mainstream economy. For more information,
visit pagaya.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241009362281/en/
LendingClub: For Investors: IR@lendingclub.com Media
Contact: Press@lendingclub.com
Pagaya: For Investors and Analysts: ir@pagaya.com Media
Contact: press@pagaya.com
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