Tally Ltd cheers pivotal year of development

Innovative money firm Tally Ltd has described a pivotal year in the company’s development as it released results for the year to end June 2020.

Tally – which has created a full-reserve banking platform and physical gold monetary system – highlighted that it launched a proof-of-concept smartphone app into the UK market immediately prior to the start of its financial year.

During the reporting period, in January 2020, it updated the app to its 2.0 design and saw app downloads rise significantly. Moreover, the app found itself ranked in the Top Ten listing for finance apps.

It was established as a “commercially fit-for-scale banking platform”, the company noted.

In terms of financials, the company swung to a £1.8mln profit after tax from a £408,593 loss in the prior financial year.

READ: Tally strengthens board

During the financial year, the company raised some £655,000 of new equity in a funding round pitched at 1.5p per share, valuing the company at £9.5mln.  A subsequent share sale, in the current financial year, raised a further £311,300 at 2p to give an updated valuation of around £13mln.

Along with its app, Tally also has investments, minority shareholdings, in three other business – a banking-as-a-service firm, Railsbank Technology Ltd, as well as Geomysore Services India and Kalevala Gold Oy, which are gold firms in India and Finland respectively.

In November, the company sold a portion of its holdings in Railsbank, generating £1.89mln of proceeds, and it retains shares valued presently at £2.65mln.

Tally noted that it continuously monitors the rate of cash usage to balance investment in technology and product development, talent and marketing, and the maintenance of working capital.

Looking ahead, the company’s outlook statement highlighted: “With the ongoing health and societal implications of the coronavirus pandemic that people have been dealing with throughout 2020 and into 2021, and the coming economic and financial system effects of interest rates near zero (and in some countries negative) coupled with record quantitative easing (QE) inflating the fiat money supply, the need for consumers to have a choice in the quality of money they hold in their bank account for saving and everyday banking, is becoming increasingly urgent and front of mind.”

The company noted that it continues to be funded to date primarily through investment capital, and, highlighted that it aims to open up public access to the company’s equity first via crowdfunding, and, at an appropriate time, with a stock market IPO onto a recognised stock exchange.