LendingClub and Pagaya partner to acquire intellectual property from Tally

LendingClub (LC) and Pagaya Technologies (PGY) announced that they partnered together to acquire the intellectual property behind Tally Technologies. Tally’s innovative technology simplified credit card management, helping users optimize payments, reduce interest, and improve credit health. Tally’s consumer solution allowed 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. This transaction will accelerate the evolution of LendingClub’s member engagement platform to drive future growth. 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. Tally ceased operations in August, after which its assets became available for purchase pursuant to a process facilitated by an affiliate of Sherwood Partners, With LendingClub and Pagaya leveraging Tally’s intellectual property, Tally’s innovations can continue to benefit consumers for years to come.