backing From TruStage™ Ventures and other investors will advance Happy Money's mission of happier lending and accelerate the company's growth in its next chapter.
torrance california, November 15, 2023 /PRNewswire/ — happy money, the leading platform for unsecured lending partnered with credit unions, today announced that TruStage™ Ventures and other leading institutional investors have announced a deal to help fund Happy Money's next stage of growth and advance the company's mission. announced the conclusion of a strategic transaction. Upon completion of the transaction, Happy Money will remain an independently operated private company.
Happy Money is setting a new standard in lending that keeps people and their well-being at the center of everything we do. The company partners with credit unions to provide consumers with the funding they need to achieve their goals, while helping credit unions achieve greater scale and connectivity. Through its platform, Happy Money offers unique lending solutions, high-performing assets, and national reach to help credit unions strengthen their balance sheets and accelerate growth.
“For the past six years, we have partnered with Happy Money on loan originations to strengthen and diversify our lending portfolio while furthering our commitment to improving the financial well-being of consumers.” . greg mitchell, President and CEO of First Tech Federal Credit Union. “We are excited about the future of Happy Money as it continues to bring its expertise in unsecured lending and portfolio management capabilities to credit unions across the country.”
TruStage Ventures, which invests in innovation-focused financial technology companies, first began its relationship with Happy Money in 2017 as an early-stage investor. Earlier this year, the two companies partnered on a first-of-its-kind solution. Loan payment protection Providing peace of mind and financial resilience to consumers. Now, a strategic transaction led by TruStage will enable a path to profitability and provide Happy Money with significant growth opportunities.
In addition to financial and strategic support, TruStage's national sales team will ramp up efforts to bring Happy Money's technology platform and lending capabilities to more credit unions across the country, thereby leveraging a digital, customer-centric approach to lending. Reach more consumers looking for.
“Lending is critical for credit unions, and more and more credit unions are requiring digital lending capabilities to meet the needs of their members,” he said. brian kearse, President and Managing Director of TruStage Ventures. “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 as we embark on the next chapter of our partnership, We are excited to continue working with Happy Money.” ”
Happy Money has made the following appointments as the company moves into its next chapter. Joe Heck As CEO. Mr. Heck most recently served as the company's Chief Operating Officer and has a deep commitment to credit unions and a track record of driving change and innovation in the lending industry. With his combination of grit and creativity, he is uniquely positioned to lead the company through next season and advance a team that creates value for Happy His Money's stakeholders, partners and consumers alike.
“We see a tremendous opportunity for Happy Money as we advance our mission and vision from a position of strength,” he said. Joe Heck, CEO of Happy Money. “We believe credit unions’ community-oriented approach is essential to the financial ecosystem, and we are leveraging our platform to help credit unions achieve greater balance sheet connectivity, simplicity, and diversity. We are committed to helping people unlock their freedom, while at the same time promoting a satisfying approach to lending that meets the needs of today's consumers.”
Guggenheim Securities is serving as exclusive financial advisor to Happy Money and Cooley is serving as legal advisor in connection with the transaction, which is expected to close by the end of 2023, subject to regulatory approvals.
About Happy Money
Happy Money designs happier lending methods that help borrowers achieve their goals and help credit unions achieve greater impact. Our mission is realized through a platform that enables more fulfilling financing at scale by connecting consumers with funds sourced from financial institutions that have consumers' best interests in mind. Through this model, we also provide credit unions with access to technology solutions, high-performance assets, and national reach that strengthen their strength and resiliency.
Backed by leading investors, Happy Money has supported more than 300,000 members since its inception and is working with community-focused lending partners to provide even more funding. 6 billion dollars Loan* in progress. Happy Money is a leader in remote work, with over 200 passionate and purposeful employees across the company. US. Learn more about. happymoney.com.
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About TruStage™ Ventures
TruStage™ Ventures, LLC is the venture capital arm of TruStage, a financially strong insurance, investment and technology provider. We believe that a brighter financial future should be accessible to everyone, and our products and solutions enable people to confidently make financial decisions that benefit them at every stage of life. We will help you do it. TruStage Ventures, LLC he manages two investment funds. One is a general fund focused on strategic investments and partnerships to connect fintech with credit unions and financial institutions, and the other is focused on early-stage investments in fintech with diverse founding teams. Discovery Fund. TruStage Ventures, LLC has invested in more than 50 fintech companies, including 16 in the Discovery Fund, and is committed to continuing to invest in fintechs that give everyone access to a brighter financial future. I'm here. For more information, please visit www.trustage.com/ventures.
Source: Happy Money
