What Tally does
Tally Ltd is the developer of the banking and physical asset currency of the same name.
Previously known as Lionsgold, Tally offers users a currency that is directly pegged to physical gold.
Each ‘unit’ of Tally is a milligram of gold directly owned by the customer and utilised in their individual banking account and debit card. The physical gold is held in an accredited secure vault in Switzerland, which is 100% insured, and approved by the London Bullion Market Association (LBMA).
The product is not a fiat (government-issued) currency, nor is it a cryptocurrency, but is a tangible asset held in a customer’s banking account, with a debit card that operates complementarily to fiat currencies using the mainstream banking system.
Aside from its Tally service, the group also has holdings in certain fintech, gold mining and exploration firms.
How it’s doing
Following a period of platform redesign and tech development, in August the company was able to focus on new customers once again, as well as continuing to enhance the user experience for those customers already enjoying the protections and other benefits of their Tally account. This resulted in a growth of customer through 7,000 at the end of the third quarter.
What the boss says: Cameron Parry CEO
“”We believe people deserve to use a bank account with money designed to hold its value, and that remains in their control. This is fundamental to individual financial wellbeing and promotes savings and productivity in society. Q3 has been an exciting quarter 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. 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 to enable B2B customers to ultimately gain access to the Tally currency through our API. During last quarter we became aware of the part sale of an investment asset that was likely to be concluded in the short term and therefore, mindful of unnecessary dilution, we have completed a private capital raising round at 2p per share to bring in GBP300,000 at this juncture.”
- Re-listing on AIM
- Pre-IPO funding round
- Growth spurred by people looking for bank alternatives
- Gold price rising