COSTA MESA, Calif.--(BUSINESS WIRE)--Happy Money, a fintech company building financial tools and services for human happiness, today announced the launch of its partnership with Teachers Federal Credit Union (TFCU), Hauppauge, NY. This announcement continues to build on the momentum created by Happy Money’s 2019 Series D fundraise of $70 million, led by CMFG Ventures, the venture capital arm of Happy Money’s partner, CUNA Mutual Group.
To date, Happy Money has helped over 80,000 people pay off nearly $1.5 billion in credit card debt. Today’s announcement signals the continued success of Happy Money’s origination model via its growing consortium of ethos-aligned financial partners. This capital commitment from TFCU will continue to fuel the company’s mission of Helping Borrowers Become Savers™.
“Relationships with mission-aligned partners like TFCU allow us to further our innovation and help more borrowers become savers,” said Scott Saunders, CEO and Founder of Happy Money. “We consider these strategic partnerships a vote for our values and worldview as the demand for more mindful capitalism grows.”
Through its collaboration with Happy Money, TFCU will originate Happy Money’s core product: an installment loan designed to help people eliminate debt and start saving. This loan is unique in the space because of Happy Money’s use of its proprietary algorithms that use behavioral science concepts to find borrowers with the intent to eliminate debt, which lends itself to a higher-quality borrower and improved loan performance. Additionally, this partnership enables a turnkey solution for high-quality member growth for TFCU while simultaneously allowing the credit union to invest in the future through digital transformation opportunities alongside a strategic fintech partner.
“We are excited to partner with Happy Money,” said Brad Calhoun, CEO of Teachers Federal Credit Union. “Their innovative approach to helping members take control of their financial life and learn how to make smarter financial choices is exactly what we want to do for our members. At TFCU, our origin in education informs how we serve our members, and Happy Money’s commitment to helping people say goodbye to their credit card debt, start to save and focus on financial wellbeing is right in line with our mission. On the foundation of this strategic partnership, there are endless opportunities for us to grow together.”
To learn more about Happy Money, visit: https://happymoney.com/financial-partners/.
About Happy Money
Happy Money® is the fintech of the future, delivering digitally-native financial tools and services for human happiness™ through its purpose-driven marketplace between mission-aligned capital and consumers. Happy Money is creating an alternative to the “Sad Money™” system with a connected ecosystem of consumer financial products designed to help borrowers become savers. Happy Money. A Happier Future.™
Backed by leading investors including Anthemis Group, Tencent Holdings and CMFG Ventures, Happy Money has helped over 80,000 members pay off nearly $1.5 billion in credit card debt. Founded in 2009, Happy Money has over 270 employees and is based in Costa Mesa, California. For more information, please visit www.happymoney.com.
About Teachers Federal Credit Union (TFCU)
Teachers Federal Credit Union (TFCU) is one of the country’s largest credit unions with $7.5 billion in assets and more than 340,000 members across all 50 states. Founded on Long Island in 1952, TFCU is a full-service, not-for-profit financial institution that provides members with 31 full-service branches throughout Long Island, Queens and Manhattan, as well as access to services at more than 5,000 shared service centers located across the country. Over the years and through various partnerships, TFCU has been proud of its role as a key supporter of the communities it serves. TFCU offers a range of member-focused products with competitive rates and low fees that started as a smart solution for teachers - now smart for all. For more information visit www.teachersfcu.org.