By Roy Urrico
Torrance, Calif.-based Happy Money enables financial institutions to help accountholders strengthen their portfolios through responsible, digitally optimized loans. The Happy Money platform facilitates the acquisition of new members and customers, leveraging technology and underwriting models to fund personal loans in partnership with credit unions, banks and asset managers.
“Happy Money has created a new growth category for credit unions by providing consumers with access to funds in an easier, more responsible and digitally optimized way – ultimately empowering them to meet their goals,” Kristin Simonis, senior director, financial partners for Happy Money, told Finopotamus.
She explained, “The Happy Money platform leverages proprietary underwriting models that enable credit unions to fund personal loans to help consumers pay off debt more quickly while simultaneously driving balance sheet diversification, member acquisition and growth for the financial institution.”
Happy Money Credit Unions
Happy Money currently works with 13 credit unions to provide personal loans, including Alliant Credit Union ($20.3 billion in assets, Chicago) and MSU Federal Credit Union (MSUFCU, $7.8 billion, East Lansing, Mich.). Backed by leading investors such as TruStage Ventures,
Happy Money has originated over $6.2 billion in loans in partnership with credit unions, representing more than 300,000 members to date.
Happy Money, noted Simonis, “is helping all of its credit union partners cast a wider net for member acquisition and creating balance sheet diversification with a short-duration, high-return personal loan.”
Referring to MSUFCU, Simonis said. “The credit union has partnered with Happy Money since February 2022, helping support consumers with a better, more affordable way to pay off high-interest credit card debt. With MSUFCU, Happy Money has originated over $188 million in personal loans to nearly 9,000 individuals looking to reduce their debt load. And MSUFCU has reported that their loans through Happy Money are some of the highest performing on their books.”
Integrating Happy Money Platform
The Happy Money program offers credit unions a turnkey solution to rapidly onboard loans without overburdening staff, explained Simonis. “The platform does not require integration with other credit union systems. Rather, it is a lightweight, cloud-based member acquisition and loan generation tool that delivers a fully underwritten loan.”
Simonis added Happy Money’s loan application process is fully digital – members can apply for the loan at happymoney.com. “When partnering with Happy Money, the program is easily deployed in as little as 30 days, driving value without requiring significant resources.”
Always Looking for Partners
Simonis pointed out the company is consistently evaluating potential partnerships and looks to work with mission-aligned organizations to further, through technology, the credit union mission. Simonis said Happy Money firmly believes in the power of credit unions and their potential to simultaneously grow, while acting as a force for good in their communities.
“Credit unions that are looking for a unique opportunity to diversify and strengthen their balance sheets would do well to consider a partnership with Happy Money,” Simonis told Finopotamus. “Adding short-duration, high-return personal loans to their balance sheets enables credit unions to enhance their portfolios with high-yield assets that complement traditional lending.”