Tally Ltd confident on next milestones ahead of IPO later this year

Tally Ltd said it is in a strong position to achieve several milestones next quarter as it plans to IPO in the second half of the year.

The private firm, which has set up a full-reserve banking platform and physical-gold digital monetary system called tally, said a crowdfunding campaign is scheduled to go live next month.

READ: Tally cheers pivotal year of development

The next quarter will also see the release of its upgraded pricing model for B2C customers, board expansion, updated branding and developing the internal ledger architecture and B2B technology platform.   

In addition, work has been ongoing in relation to the divestment of non-core assets to provide additional cash resources for growth and to launch the company’s fixed-rate savings product.

Customer numbers have remained consistent in the first quarter and multiple marketing programs are nearing rollout with the mix including increased social media content and management, evolved brand positioning, new visual creative, affiliate and influencer partnerships, and PR.

Parry, chief executive and founder, said in a release that Tally has continued to expand its team and capabilities in the first quarter of 2021, following the injection of capital received from the part-sale of one its non-core assets in the fourth quarter of 2020.

“In each month this quarter we have been able add new team members in line with increasing the development velocity of our technology, treasury and operational verticals,” he commented.

“This quarter, Ralph Hazell, who worked with me on the initial concept of a full-reserve banking platform and helped bring Tally’s proof-of-concept smartphone app to the UK market, stepped down from the Board. Alan Davies, former director of Rolls Royce Holdings PLC and highly regarded global executive and experienced public company director, joined the Board of Tally.”

Luke Cairns, a public capital markets professional and director of two technology-focused AIM-quoted public companies, was appointed as Company Secretary.