Total amount raised
$337.1 Million
Latest funding date
11/01/2023
Location
Happy Money has successfully raised funding over 8 rounds, with the latest being a Venture - Series Unknown round. The company is backed by notable investors, including TruStage Ventures and Anthemis.
Keep reading to explore the intricacies of Happy Money's fundraising journey and the investors supporting this innovative platform.
What Is Happy Money?
Happy Money is a financial services company based in Tustin, California, specializing in personal loans and debt consolidation. The company operates in various sectors, including consumer lending, finance, fintech, and personal finance.
Founded with the mission to promote human happiness through financial tools and services, Happy Money has a workforce of 101-250 employees. The company has facilitated over $6.5 billion towards happier futures and has served more than 350,000 customers.
How Much Funding Has Happy Money Raised?
- Seed Round
- Amount Raised: USD 1,700,000
- Date: April 2010
- Lead Investors: FirstMark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish market presence.
- Seed Round
- Amount Raised: USD 4,099,999
- Date: January 2012
- Lead Investors: Great Oaks Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance product features.
- Series A
- Amount Raised: USD 7,000,000
- Date: December 2013
- Lead Investors: Anthemis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series B
- Amount Raised: USD 12,000,000
- Date: October 2014
- Lead Investors: Mohamed El-Erian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the customer base and improve technology infrastructure.
- Series C
- Amount Raised: USD 46,761,342
- Date: June 2016
- Lead Investors: Anthemis, Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series D
- Amount Raised: USD 70,000,000
- Date: September 2019
- Lead Investors: TruStage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand partnerships with credit unions.
- Series D
- Amount Raised: USD 50,000,000
- Date: February 2022
- Lead Investors: Anthemis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support technological advancements and broaden service offerings.
- Series Unknown
- Amount Raised: USD 145,584,268
- Date: November 2023
- Lead Investors: TruStage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow and advance Happy Money's mission, and expand technology platform and lending capabilities.
Total Amount Raised: USD 336,145,609. Current Valuation: Not publicly disclosed.
Key Investors
- TruStage Ventures
- Details: TruStage Ventures is a venture capital firm that provides financial and strategic backing to its portfolio companies. Their national sales team supports efforts to expand technology platforms and lending capabilities.
- Investment Focus Areas: Financial services, technology, credit unions.
- Notable Investments: Happy Money.
- Anthemis
- Details: Anthemis is a global venture investment firm focused on cultivating change in the financial system. They invest in companies that drive innovation in financial services.
- Investment Focus Areas: Fintech, insurance, digital banking.
- Notable Investments: Happy Money, Betterment, Atom Bank.
- Great Oaks Venture Capital
- Details: Great Oaks Venture Capital is an early-stage investment firm that focuses on seed and Series A investments. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Happy Money, Trumid, Allbirds.
- FirstMark
- Details: FirstMark is a venture capital firm based in New York City, investing in early-stage technology companies. They aim to partner with visionary entrepreneurs.
- Investment Focus Areas: Technology, data, consumer products.
- Notable Investments: Happy Money, Pinterest, Shopify.
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company, known for its investments in internet-related services and products. They are one of the largest technology companies in the world.
- Investment Focus Areas: Technology, gaming, social media.
- Notable Investments: Happy Money, Epic Games, Tesla.
What's Next for Happy Money?
Happy Money is poised to expand its technology platform and lending capabilities, offering significant opportunities for growth. With a strong market presence, having helped over 300,000 members and funded more than $6 billion in loans, the company is well-positioned to strengthen balance sheets and accelerate growth for credit unions nationwide.
Future fundraising opportunities appear promising, as the recent investment and growth trajectory suggest potential for additional funding rounds to support further expansion and technological advancements. However, challenges such as regulatory approvals and competition from other fintech companies and traditional financial institutions may arise as the company scales.
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