Happy Money announces new funding
Happy Money, a provider of personal loans, announced that TruStage Ventures and others are entering into a “strategic transaction” to help fund the next phase of Happy Money’s growth and advance the company’s mission. The company added that this TruStage-led strategic transaction will enable a path to profitability.
In addition to financial and strategic backing, TruStage’s national sales team will bolster efforts to bring Happy Money’s technology platform and lending capabilities to more credit unions.
TruStage first began its relationship with Happy Money in 2017 as an investor and it participated in the company’s $50 million funding round last year. Earlier this year, the companies partnered on a loan payment protection product that covers customers if they experience an unexpected job loss or disability.
In August, The Information reported that Happy Money was looking for a buyer after raising nearly $200 million. In January, the company laid off 152 employees. According to today’s announcement, Happy Money will remain a privately held company with independent operations.
Happy Money is also announcing the appointment of Joe Heck as CEO. Heck most recently served as the company’s COO.
“Lending is critically important to credit unions, and more credit unions need digital lending capabilities to serve the needs of their members. TruStage and Happy Money share a deep commitment to credit unions and members. TruStage recognizes the lending power and capabilities that Happy Money brings to credit unions, and we are excited to continue working with Happy Money as we embark upon this next chapter of our partnership.” – Brian Kaas, president and managing director of TruStage Ventures.
“I see tremendous opportunity for Happy Money as we drive our mission and vision forward from a position of strength. We believe credit unions’ community-oriented approach is vital for the financial ecosystem, and we’re committed to leveraging our platform to help them unlock greater balance sheet connectivity, simplicity, and diversity while simultaneously advancing a happier approach to lending that meets the needs of today’s consumers.” – Joe Heck, CEO of Happy Money.