Tally focuses on customer numbers growth as it prepares for IPO

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Tally said customer numbers for its gold-backed bank account topped 7,000 at the end of the quarter to September 30.

The fintech group, which provides individual bank accounts denominated in a physical asset money where each unit is backed by one milligram of LBMA-accredited gold, has been focusing on new customers after redesigning its platform.

READ: Tally begins pre-IPO funding round after hammering gold-backed banking app into shape

Chief executive Cameron Parry said the quarter has been “exciting” for future development.

“We continued work on Tally savings ‘safes’ but potentially more impactful to the consumer market, we developed a new fixed-rate fixed-term deposit and have formulated the mechanism to deliver a market-leading return to customers,” he said.

“We plan to move both easy access and fixed-term “safes” into beta testing next quarter. We also began scoping Tally’s Application Programming Interface (API) to enable B2B customers to ultimately gain access to the Tally currency through our API.”

Ahead of a return to a public listing, the firm completed a private capital raising round at 2p per share to bring in GBP300,000, with the board subscribing GBP20,000.

Following completion of this funding round, Tally plans to next inject equity capital through a pre-IPO equity funding round, incorporating a crowdfunding campaign to increase brand and product awareness, and add new customers.

Tally continues to assess opportunities to sell its investments, in part or in whole, to inject additional capital.

It has three investment assets, comprising gold exploration in India and Finland and shares in a banking-as-a-service technology company.

Upon the next completion of an asset sale, the company will notify shareholders and provide an update on the remaining investment assets.

“We plan to conduct a larger capital raise, which is to include a crowdfunding component with crowdfunding platform SEEDRS, around the end of the year,” Parry added.

“We are also in discussions with SEEDRS regarding using their platform to provide a private secondary market for Tally shares post the crowdfunding close, in the interim period prior to the company’s IPO.”

Tally continues to grow customer numbers and awareness through social media channels as well as expanding its product range and platform capabilities.

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