Money 2020 – Focus On: Tully

What is Tully?

Hundreds of thousands of people struggle with debt every year and it is estimated that the accompanying physical and mental health impacts resulting from debt stress, costs UK employers as much as £51 billion per annum.  Tully aims to alleviate this.

Tully uses new Open Banking technology to give people a fast, accurate, realistic picture of their financial position in minutes – all done online and completely free. Every user receives a personalised financial plan, tailored advice and for those in more severe difficulty, the revolutionary option to choose a flexible debt repayment plan that adjusts to the user’s financial situation every month.

How has the Venture Builder model helped Tully to accelerate the journey from founding to today?

Tully represents and ambitious move to innovate debt management and help those with money worries and more severe financial difficulty. Over the last 4-5 years, this part of the Financial Services market has been a real focus for the FCA who have worked hard to uncover consumer detriment and eradicate it from this market. As a result, the bar for getting regulated in this market is extremely high and requires significant investment across technology, people, operations and controls. Without a Venture Builder like Blenheim Chalcot, it would be extremely difficult to put all of the pieces in place to provide the evidence required in order to meet the criteria for being a licensed entity in this space.

The funding model with Blenheim Chalcot means that we can spend much more of our time focused on building the business, hiring the right talent and winning new customers than is afforded to most new start ups. Having Blenheim Chalcot behind us provides security of funding which has also proved critical when engaging with larger FS companies who need certainty around the longer term sustainability of the businesses they engage with. With Blenheim Chalcot backing we are able to provide this security that otherwise may prove more challenging.

The biggest benefit, however, is the network. Blenheim Chalcot is able to make introductions and open doors across a wide range of organisations across many sectors. This network allows us to get warm introductions to the right people in the right organisations, helping us to grow and develop our business faster.

Stuart will be appearing on Blenheim Chalcot’s Money 2020 panel on Monday June 3 at 5:30pm on The Lab Stage. For more information, please click here.