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Happy Money & Teachers Federal CU partners to eliminate credit card debt

California based Happy Money, providing financial tools and services for human happiness announced its partnership with Teachers Federal Credit Union (TFCU). This capital commitment from TFCU will help facilitate 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. We consider these strategic partnerships a vote for our values and worldview as the demand for more mindful capitalism grows,”said Scott Saunders, CEO and Founder of Happy Money.

Through the collaboration,  TFCU will originate Happy Money’s core instalment loan designed to help people eliminate debt and start saving.

Happy Money’s proprietary algorithms make use of behavioural science concepts to find borrowers with the intent to eliminate debt, thereby lending to higher-quality borrowers and provide improved loan performance. The partnership is expected to provide TFCU with high-quality member growth while allowing the credit union make future investments through digital transformation opportunities with a fintech partner.

“We are excited to partner with Happy Money. 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,” said Brad Calhoun, CEO of Teachers Federal Credit Union.

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.  The FinTech has selected over 80,000 people pay off nearly $1.5 billion in credit card debt.

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