Scott Saunders, CEO & Founder, Happy Money

California-based fintech firm Happy Money has announced the close of a Series D funding round of $70 million led by CMFG Ventures, LLC (a venture capital entity of CUNA Mutual Group).

Since its launch in 2009, the fintech has raised over $140 million from investors including Anthemis Group, CMFG Ventures, LLC and Toba Capital, among others. The investment is expected to accelerate the company’s growth, boosting its partnerships with credit unions and other ethos-aligned financial institutions, and also fuel its broader mission of “helping borrowers become savers”, it said in a statement.

“We’re committed to helping our members build a happier relationship with their money through our Happy Money ecosystem, which connects lending, spending, and savings products,” Scott Saunders, CEO and founder of Happy Money commented.

Happy Money’s current product ecosystem helps members pay off debt, save money and evaluate their spending patterns. The company has developed Happy Score, an approach to measure financial wellbeing using cash flow, savings, behavioral and psychometric data.

“We were drawn to Happy Money because of their innovative approach to providing financial tools and services focused on human happiness, as well as their shared ethos with credit unions to serve members and communities,” said Brian Kaas, Vice President of Corporate Development at CUNA Mutual Group and President and Managing Director of CMFG Ventures stated.

The funding has come on the heels of significant growth graph of Happy Money, the company claimed in a statement. In July 2018, the company announced three strategic credit union alliances with Alliant, First Tech, and Technology Credit Union to deliver debt elimination loans and have, to date, crossed $1 billion in aggregate debt elimination loans.

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by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
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