*NEWS: Fintech Startup Raises $70M in Series D Round
A fintech startup today announced the close of a Series D funding round of $70 million.
Happy Money, with HQ in Costa Mesa, received the investment, which was led by CMFG Ventures, the venture capital entity of CUNA Mutual Group.
The funds will be used continue partnering with credit unions and other ethos-aligned financial institutions, according to a press release issued by Happy Money today.
The Series D builds upon a year of significant growth for Happy Money. A year ago, the company announced three strategic credit union alliances with Alliant, First Tech, and Technology Credit Union to deliver debt elimination loans.
Happy Money has helped 70,000 members pay off over $1 billion in credit card debt.
Since it was launched in 2009, Happy Money has raised over $140 million from investors including Anthemis Group, CMFG Ventures, LLC and Toba Capital, among others. Half of that is equity.
Happy Money has a suite of products geared to help members pay off debt, save money and evaluate their “happy” and “sad” spending patterns.
The company also developed “Happy Score,” an approach to measure financial well being using cash flow, savings, behavioral and psychometric data.
CMFG Ventures, the venture capital arm of CUNA Mutual Group, said that Happy Money’s focus on forging strategic alliances with credit unions played a significant role in its decision to invest.
In addition to this investment, Happy Money has formed a strategic partnership with CUNA Mutual’s national sales force, which has a product relationship with over 95% of all credit unions in the United States.
With credit unions playing a critical role in the company’s long-term vision, this collaboration expands Happy Money’s relationships with existing financial partners.