Tally Limited sees surge in demand for its updated digital bank app

Digital bank Tally Ltd said it had to suspend a new subscriber drive in February because the take-up was so great. 

Tally offers an online bank account backed by physical gold and following the launch of its Version 2.0 in January was swamped with applications.

Over the 19th and 20th of February, there were more than 7,000 downloads of the 2.0 app it said, while account numbers jumped from approximately 1,500 to over 5,000 within two days.

Tally’s app also achieved a top 10 ranking of finance apps alongside giants  and Revolut.

In a statement, Tally said: “The volume of demand for the particular promotion was so great that the company turned off the offer after 30 hours, to manage its cash resources and to monitor new customer behaviour and analyse customer retention and account usage.” 

Version 2.0 incorporates best-in-class KYC (know-your-customer), AML (anti-money laundering) and fraud prevention processes, it added.

Tally bank accounts are now connected to the UK Faster Payments and EU SEPA networks. 

“The company’s focus is now on monetising its non-core non-current assets and raising new equity capital to apply to customer growth, adding jurisdictions, ongoing tech development and expanding operations,” it stated. 

Tally noted that the coronavirus outbreak had created some issues due to a tightening of global physical gold supply and pointed out that at such an early stage of development it is still reliant on investment capital.

Most of Tally’s business activities are carried out digitally, it added, which has enabled it to work remotely without any service disruption.

New IT infrastructure is currently being completed to enhance scalability, security, processing speed and development capability.

Tally, which is aiming for a listing of its shares, also published results for the year to June 2019.

Losses were £409,000 and down from £866,000 the previous year.