Tully

What Tully does

Tully is a UK-based digital financial wellness platform that operates as a free service for consumers experiencing financial stress. Founded in March 2018 and trading under the legal entity Fair Way Forward Limited (company number 11308960), the company launched as the first completely digital debt adviser in the UK, authorized by the Financial Conduct Authority (reference 811098) for debt counselling, debt administration, and credit information services. Tully is part of the OpenWrks Group, whose Open Banking infrastructure handles 130+ million API calls per month and connects 500,000 bank accounts daily across the UK. The platform targets financially stressed UK consumers and has helped over 20,000 people since launch.

The core product is Tully MyBudget, an Open Banking-powered budget building tool that uses read-only access to bank statements to automatically categorize income and expenditure, replacing manual data entry. A conversational AI assistant named "Sadie" guides users through budget verification. Additional offerings include the COVID-19 Relief and Wellbeing Network (launched April 2020 to facilitate payment relief registration across creditor networks), Flexi-Plan (a debt repayment management service leveraging Modulr payment infrastructure), and a soft-search credit information view built from credit reference agency data (Callcredit, Equifax, Experian). The technology stack includes Open Banking consent journeys compliant with UK standards (90-day consent windows), fraud prevention integrations (CIFAS, ActionFraud), and supporting tools from Mailchimp, Intercom, and Microsoft.

Tully operates a B2B2C model where revenue is generated from creditor fees (percentage of repaid amounts or fixed fee per negotiation) and network partner compensation, enabling the consumer-facing service to be offered at no cost. Distribution relies on a partner referral network spanning banks, building societies, lenders, energy suppliers, and telecoms, with early partners including ClearScore, HSBC, and Nationwide. The company claims Open Banking coverage of 95%+ of UK banks and credit card providers. Leadership comprises CEO Stuart Bungay and co-founders Steve Bradford and Olly Betts of OpenWrks Group.

Name

Tully

Legal name

Fair Way Forward Limited

Website

https://tully.co.uk

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Tully is a UK-based, FCA-authorized digital financial wellness platform that helps financially stressed consumers build budgets via Open Banking and access payment relief through a creditor partner network. Revenue comes from creditor fees and partner referrals; the service is free to consumers.

Ownership category

akta.pro rank

Product category

Digital Debt Advisory & Financial Wellness

NAICS

Collection Agencies (561440), Activities Related to Credit Intermediation (5223)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Collections, Recovery & Debt Management Platforms (FSAGAHAI)

akta.pro secondary industries

Debt Management & Paydown (Student Loans, Credit Cards) (FSAGADAD), Collections & Creditor Negotiation Support (Debtor-Side) (FSAEAFAI), Credit Counseling & Debt Management Plans (DMP) (FSAKAJAH)

Keywords

• Debt advisory services
• Budget management
• Financial wellness
• Payment relief
• Open banking finance

Headquarters

HQ city

Nottingham

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Creditor Fees: Tully earns fees from creditors (lenders, service providers) when helping customers negotiate affordable repayment plans. Fees are either a percentage of the amount repaid or a fixed fee per negotiation. These fees do not reduce the customer's repayment amount.
2. Network Partner Compensation: Businesses on Tully's Network compensate Tully for directing customers to them and facilitating payment relief arrangements. This allows Tully to provide services completely free to consumers.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

Tully provides a free, FCA-authorized digital debt advisory and financial wellness platform that helps UK consumers build budgets using Open Banking data, register for payment relief from creditors, and negotiate affordable debt repayment plans. The service is delivered through Tully MyBudget (an automated budget builder with a conversational AI assistant), the COVID-19 Relief and Wellbeing Network for payment relief registration, and Flexi-Plan for managed debt repayment. Tully generates revenue from creditor fees and partner network compensation while keeping the service free for consumers.

Product overview

Tully is a free digital financial wellness platform consisting of Tully MyBudget as the core budget building product, the COVID-19 Relief and Wellbeing Network for payment relief registration, and Flexi-Plan for debt repayment management. Tully MyBudget uses Open Banking via OpenWrks to automatically populate budgets from bank transactions, while the conversational AI assistant 'Sadie' guides users through verification. The platform integrates with credit reference agencies for soft credit searches and Modulr for payment account services. Services are offered at no cost to consumers, with revenue generated from fees negotiated with creditors.

Differentiator

Problem solved

Functional benefit

Products and services

• Tully MyBudget Free online budget building tool that uses Open Banking technology to automatically retrieve and categorize users' bank transactions, producing accurate budgets that show lenders and providers what users can afford to pay monthly. Features the conversational AI assistant 'Sadie' to verify and adjust budget information. Targeted at UK consumers wanting to understand their financial situation.
• COVID-19 Relief and Wellbeing Network Digital platform that registers consumer applications for COVID-19 payment relief, validates eligibility, and shares information with network partners (banks, energy suppliers, credit card companies). Reduces strain on contact centers while enabling consumers to register for relief through a single online process. Targeted at UK consumers financially impacted by COVID-19 and at creditor partners needing to support vulnerable customers at scale.
• Flexi-Plan Debt repayment plan service where Tully acts on the user's behalf to negotiate affordable payment plans with creditors. Customers open a payment account with Modulr and set up a direct debit for an agreed monthly repayment amount, which Tully then distributes to creditors according to negotiated plans. Targeted at UK consumers seeking structured debt repayment.
• Debt Management Services FCA-authorized debt counselling, debt administration, and credit information services, including helping users register for payment relief, negotiating payment plans with creditors, managing debt reconciliation, and providing access to budgeting tools and money coaching. Targeted at UK consumers in financial difficulty.
• Tully Budget Soft-search based credit report and financial information view showing users their debts, income, expenditure, and estimated monthly repayment amounts. Built using Open Banking data from OpenWrks and monthly soft credit searches from credit reference agencies (Experian, Equifax, Callcredit). Targeted at UK consumers wanting visibility over their financial position.

Quantifiable outcome

• Reduced call center wait times - customers register for payment relief at touch of button rather than hours on hold
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability6 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and support.

• ClearScorecoreStrategic or Co-development Partner · 2 April 2020Early partner working with Tully to help thousands of people on path to regaining control over finances. ClearScore directs customers struggling with finances to Tully's platform during COVID-19 crisis.
• Nationwide Building SocietycoreStrategic or Co-development Partner · 23 April 2019Open Banking for Good challenge partner. Tully selected alongside seven other FinTechs from 50 applicants to develop Open Banking apps and services addressing financial capability issues.
• OpenWrkscoreTechnology or IntegrationParent company and Open Banking provider. Authorised by FCA as Account Information Service Provider (ref 709589). Enables secure sharing of financial information from bank accounts. Powers Tully's Open Banking consent journey.
• MicrosoftsupportTechnology or IntegrationKey technology partner supporting Tully's COVID-19 Relief Network to scale and reach millions of people.
• MailchimpsupportTechnology or IntegrationTechnology partner providing marketing platform infrastructure for Tully's communications and customer engagement.
• IntercomsupportTechnology or IntegrationTechnology partner supporting Tully's ability to scale customer communications and support during COVID-19 crisis.
• FICOsupportTechnology or IntegrationIndustry partner collaborating with Tully to expand creditor network and help more people during COVID-19.
• AccenturesupportTechnology or IntegrationIndustry partner supporting Tully's network expansion to help creditors and consumers during crisis.
• PayPlansupportStrategic or Co-development PartnerReferral partner for long-term debt advice. Tully directs customers needing debt advice beyond short-term payment relief to PayPlan's free 25-year service helping 100,000+ people annually.
• ModulrsupportTechnology or IntegrationPayment platforms provider enabling Tully's Flexi-Plan service. Customers open payment account with Modulr to make single repayment which is then distributed to creditors.
• Network Lenders and Service ProviderscoreChannel Partner/ Reseller/ DistributorGrowing network of banks, building societies, lenders, energy suppliers, telecoms, and mobile/broadband providers who join network to help their customers access payment relief. Network includes HSBC, Nationwide, and 50+ UK providers covering 95%+ of UK.

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• ClearScore: UK credit score and financial product marketplace that is also a Tully referral partner. Adjacent rather than direct competitor — ClearScore focuses on credit discovery while Tully focuses on debt resolution, but both serve financially-engaged UK consumers.
• Cleo: AI-powered personal finance assistant offering budgeting and financial wellness via conversational AI. Comparable to Tully's 'Sadie' budget assistant concept, though Cleo targets broader mainstream consumers rather than financially distressed ones.
• Moneyhub: UK Open Banking-based personal finance management platform used by banks and employers. Comparable to Tully on Open Banking-powered financial data infrastructure and PFM use cases, though not focused on debt advice.

Direct peers

• PayPlan: Free UK debt advice service (part of Tully's referral network). Offers debt management plans and free debt advice, directly overlapping Tully's core debt advice and payment relief offering to UK consumers.
• Creditfix: UK-based fee-charging debt management and IVA provider. Competes with Tully's debt management services but uses a fee-charging consumer model rather than Tully's creditor-funded approach.
• StepChange Debt Charity: The UK's largest debt advice charity, providing free debt advice and debt management plans. Direct competitor in UK digital debt advice, with similar consumer-facing service model though delivered primarily via phone/web rather than fully digital.
• National Debtline: Free, confidential UK debt advice service run by the Money Advice Trust. Provides similar debt counselling and money advice services to financially stressed consumers as Tully.

Broad incumbents

• Credit Karma: Global credit score and financial wellness platform (now Intuit). UK operations overlap with Tully's financial wellness/credit information space, though Credit Karma operates at far greater scale and is not a debt adviser.
• Citizens Advice: The UK's largest general advice network, offering debt advice alongside a much broader consumer rights and welfare portfolio. Overlaps with Tully on debt counselling but operates at far broader scale and scope.

Others

• OpenWrks Group: Tully's parent company and core Open Banking infrastructure provider. Not a competitor but the strategic enabler of Tully's data and AISP capabilities, and a key relationship risk factor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Tully_app
• Facebookfacebook.com/Tullyapp-293739091222839
• LinkedInlinkedin.com/company/tully-app

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tully