("TALLY" or the "Company")
Product Release Year One - Workstreams & Objectives
02 September 2019
TALLY LTD, the money innovator and developer of the full reserve banking platform and physical asset currency, Tally®, is pleased to provide information to shareholders about the Company's activities and objectives planned for the first 12 months from initial product release.
Tally® is the name of the banking platform as well as the mainstream challenger currency. TALLY LTD has created an independent monetary system and full-reserve physical asset currency that sits outside of the existing global banking infrastructure, while seamlessly operating with it. This means Tally® is insulated from inflation, bank risk and political uncertainty associated with the fiat currency fractional reserve banking model; yet provides the convenience and familiarity of a regular bank account and contactless debit card.
TALLY's smartphone banking app and debit card was released in the UK on 10th June 2019 after more than two years in design and development. Tally® is initially available to UK residents only via the Apple App Store and Google Play Store, however the Tally® debit card is globally accepted at over 37 million merchant outlets anywhere Mastercard® is. The Company is focused on ultimately releasing Tally® in multiple countries in line with its vision to provide an inclusive mainstream alternative, physical asset-based money that protects customer wealth, with a single and transparent monthly subscription fee, and no hidden bank charges, no fx margins and zero transaction costs.
Tally® priced in GBP at time of this announcement (1 Tally® = 1 milligram of physical gold):
- 1 GBP = approx. 25 Tally® (i.e. £1 = t25), and
- 1 Tally® = approx. 4 pence (i.e. t1 = £0.04).
- As at 10 June 2019 announcement £1 = 30 Tally® (1 Tally® = 3.33 pence)
Current Product Workstreams
- Onboarding journey optimisation to increase the ratio of new customer sign-ups from the number of App downloads.
- Integration of compliance and customer onboarding platform with API provider TruNarrative, to automate improved compliance processes and fraud detection at scale.
- Integration of GBP with the Tally® platform to connect to the UK Faster Payments system.
- Increasing functionality including merchant details, geolocated transactions, friend get friend, gifting gold (Tally®) and development of individual savings 'safes'.
Business & Corporate Objectives (to be completed in first year of product release)
- Development of the Tally® community - to provide customers as well as shareholders (recognising they are two distinct groups) access to the founders and provide a forum where they can ask questions, share feedback and ideas.
- Following application of resources being prioritised for product release, critical early optimisations, then compliance scalability and GBP integration; implement 'test and adapt' marketing strategies in the UK targeting new accounts and learnings about audience segmentation and drivers of customer activity (noting that spending funds on marketing activities prior to these efficiencies being implemented would be counterproductive).
- Evidence growth in B2C customer numbers, activity and average value of Tally® held per banking account.
- Augment Tally Ltd board and management.
- Demonstrate B2B revenue stream(s).
- Investigate commercial possibilities to divest or convert TALLY's India and Finland gold exploration and mining interests into liquid assets. Following this process, a further update in relation to TALLY's mining interests shall be provided to shareholders.
- Following a review of key milestones to support a successful market listing, it is sensible to have available 6 full months of customer activity metrics and market segmentation learnings. Allowing for the corporate, legal and financial work that would then follow, to produce a public offer document, and carrying out the Company's Initial Public Offering ("IPO") investor roadshow with a view to raising in excess of £5m, the revised target to see TALLY's shares trading on the London Stock Exchange is by 11 May 2020.
- Due to the revised timeline to IPO, the Company is considering a crowdfunding campaign in late 2019, to increase brand and product awareness, raise funds and add new customers.
Capital Raising Initiatives, TVR & PDMR:
- Tally Ltd completed a pre-Series A round of funding in July 2019 raising a total of £655,000 @ 1.5p per share, of which the board and management contributed £125,000.
- As part of completion of the Pre-Series A funding round, the Company shall issue a total of 43,666,667 new ordinary shares that rank pari-passu with all existing ordinary shares ("New Shares").
- As part of completion of the Pre-Series A funding round, the Company shall issue a total of 43,666,667 warrants for new ordinary shares, each exercisable at 150% of the Company's Initial Public Offering (IPO) price with a term of two years from IPO (IPO Warrants).
- In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA, the issued ordinary share capital of Tally Ltd including the issue of the new ordinary shares is 632,307,781 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury.
- Included in the Pre-Series A funds raised set out above, Tally Ltd's CEO, Mr Cameron Parry, invested £50,000 to subscribe for 3,333,333 New Shares (and 3,333,333 IPO Warrants) in the name of Yarramen Corp Limited which is owned by his family trust; and Tally Ltd Non-Executive Director, Mr Mike Joseph, invested £75,000 to subscribe for 5,000,000 New Shares (and 5,000,000 IPO Warrants).
Cameron Parry, Chief Executive Officer, commented: "I am pleased to report that there are nearly 1,000 Tally® account holders currently and this has been achieved mainly through organic growth since the App was released in mid-June.
"I am also pleased to report that the Company has completed a successful pre-Series A capital raise from private investors, and we are thankful for their support. We continue to also be appreciative of our existing shareholders, who have been patiently bearing with us as TALLY has grown its product offering and business scope. And we are mindful that the revised timeline needed to list the Company's shares may be disappointing or frustrating, but we must continue to focus on achieving relevant milestones in order to deliver a successful IPO.
"We look forward to releasing the next market announcement update in another two months and in the interim if you haven't already tried using a better form of money, then please download Tally®and enjoy the benefits of money that adds up."
Cameron Parry (Chief Executive Officer)
Tel: +44 (0)20 8065 0215
· TALLY is the innovator of Tally® - a 100%-reserve banking platform and physical asset currency designed by the private sector, that operates seamlessly with the government fiat currency and fractional-reserve banking system.
· Each unit of Tally® is one milligram of LBMA-accredited gold held by the customer and utilised via their individually issued banking account and Mastercard® debit card.
· Tally® is not a fiat currency and Tally® is not a cryptocurrency.
· The Tally® banking platform connects physical asset ownership to the global banking system.
· TALLY's wholly owned UK subsidiary company, TallyMoney Ltd, is a recognised E-Money Directive Agent (FCA Ref. No. 902059) under Financial Conduct Authority-licensed E-Money Institution, PayrNet Limited (FCA Ref No. 900594).
· The Tally® banking App is available on iPhone and Android by searching TallyMoney on the Apple App Store or Google Play Store.
· TALLY also has significant investment ownership in financial technology company Railsbank Technology Ltd (12.5%), leading India gold exploration company Geomysore Services India Pte Ltd (22%) and Finland gold exploration joint venture company Kalevala Gold Oy (32%).