US-based Teachers Federal Credit Union (TFCU) has forged a strategic partnership with fintech firm Happy Money to help customers easily repay credit card debt.
Happy Money’s core product is an instalment loan that is designed to help people eliminate debt and start saving.
Through this offering, Happy Money has enabled more than 80,000 people to pay off nearly $1.5bn in credit card debt.
As per the terms of the strategic agreement, TFCU will now originate Happy Money’s instalment loan product.
Happy Money leverages its proprietary algorithms that use behavioural science concepts to find borrowers with the intent to clear the debt.
Teachers Federal Credit Union CEO Brad Calhoun said: “We are excited to partner with Happy Money. 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.”
The partnership follows Happy Money raising $70m 2019 in Series D round that led by CMFG Ventures, the venture capital arm of CUNA Mutual Group.
Happy Money CEO and founder Scott Saunders said: “We consider these strategic partnerships a vote for our values and worldview as the demand for more mindful capitalism grows.”