(Bloomberg) -- LendingClub Corp. and Pagaya Technologies Ltd. agreed to jointly buy the intellectual property behind the now-shuttered Tally Technologies Inc., which helped consumers and businesses manage credit-card debt.
LendingClub, the fintech lender turned full-service online bank, will use Tally’s technology to help customers reduce their debt costs, according to a statement Wednesday. Pagaya, which uses artificial intelligence to help lenders approve more creditworthy borrowers, will offer Tally’s business-to-business debt-management capabilities to its network of lending partners.
“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,” LendingClub Chief Executive Officer Scott Sanborn said in the statement. “With credit-card debt and interest rates at historic highs, the need for better tools and solutions has never been greater.”
Terms of the asset acquisition weren’t made public.
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