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.”