Total amount raised
$337.1 Millions
Latest funding date
11/01/2023
Location
Happy Money has successfully raised funds through various rounds, with the latest being a Venture - Series Unknown round on November 15, 2023. The company has attracted significant investment from industry players like TruStage Ventures and Anthemis, indicating confidence in its business model and potential for growth.
Keep reading to explore the intricacies of Happy Money's fundraising journey and the investors backing this innovative platform.
What Is Happy Money?
Happy Money, founded in 2009 by Eden Warner and Scott Saunders, is a financial services company based in Tustin, California. The company operates in the finance, fintech, and personal finance industries, focusing on providing tools and services aimed at promoting human happiness.
With an employee count ranging from 101 to 250, Happy Money offers products such as The Payoff Loan, Member Support, Financial Education, and a Mobile App. The company emphasizes a simple, transparent, and community-focused lending process, helping individuals pay off credit card debt and achieve financial well-being.
How Much Funding Has Happy Money Raised?
- Seed Round
- Amount Raised: $1.7M
- Date: April 2010
- Lead Investors: FirstMark
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial product offerings and establish a market presence.
- Seed Round
- Amount Raised: $4.1M
- Date: January 2012
- Lead Investors: Great Oaks Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and increase market reach.
- Series A
- Amount Raised: $7M
- Date: December 2013
- Lead Investors: Anthemis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series B
- Amount Raised: $12M
- Date: October 2014
- Lead Investors: Mohamed El-Erian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market presence and improve service offerings.
- Series C
- Amount Raised: $46.8M
- Date: June 2016
- Lead Investors: Anthemis, Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance product features.
- Series D
- Amount Raised: $70M
- Date: September 2019
- Lead Investors: TruStage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand lending capabilities and reach more customers.
- Series D
- Amount Raised: $50M
- Date: February 2022
- Lead Investors: Anthemis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support technological advancements and market expansion.
- Venture Round
- Amount Raised: $145.6M
- Date: November 2023
- Lead Investors: TruStage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To propel the company's growth and enhance its fintech platform.
Total Amount Raised: $337.2M. Current Valuation: Not publicly disclosed.
Key Investors
- TruStage Ventures
- Details: TruStage Ventures is a venture capital firm that invests in innovative companies within the financial services sector. They provide strategic backing and support to help their portfolio companies grow and succeed.
- Investment Focus Areas: Financial services, credit unions, fintech.
- Notable Investments: Specific notable investments are not listed.
- Anthemis
- Details: Anthemis is a global venture investment firm focused on financial services. They aim to create a more digitally connected and inclusive financial system.
- Investment Focus Areas: Financial services, fintech, insurtech.
- Notable Investments: Specific notable investments are not listed.
- 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: Warby Parker, Allbirds, Acorns.
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company. They are known for their investments in internet-related services and products, entertainment, AI, and technology.
- Investment Focus Areas: Internet services, entertainment, AI.
- Notable Investments: Epic Games, Tesla, Spotify.
- FirstMark
- Details: FirstMark is a venture capital firm based in New York City. They invest in early-stage technology companies and support them through their growth stages.
- Investment Focus Areas: Technology, software, consumer internet.
- Notable Investments: Pinterest, Shopify, Riot Games.
What's Next for Happy Money?
Happy Money stands at the cusp of significant growth opportunities, driven by its mission to help consumers achieve financial well-being and assist credit unions in scaling. With the backing of TruStage Ventures and other major institutional investors, the company is poised to expand its technology platform and lending capabilities nationwide. This expansion could potentially reach more credit unions, enhancing their connectivity and service offerings.
Future fundraising opportunities seem promising, given the ongoing support from major investors. This financial backing will likely fuel further advancements in Happy Money's platform, enabling it to scale operations and offer more comprehensive financial solutions. However, the company may face challenges such as regulatory approvals and competition from other fintech firms and traditional financial institutions. Balancing rapid growth with maintaining high-quality service will be crucial for sustained success.
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