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
SAN FRANCISCO
and NEW YORK, Oct. 9, 2024
/PRNewswire/ -- 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 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.
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.
LendingClub Contacts:
For Investors:
IR@lendingclub.com
Media Contact: Press@lendingclub.com
Pagaya Contacts:
For Investors and
Analysts: ir@pagaya.com
Media Contact: press@pagaya.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lendingclub--pagaya-acquire-assets-of-tally-technologies-302270848.html
SOURCE LendingClub Corporation