TORRANCE, Calif.— TruStage Ventures, the venture capital arm of TruStage, said it and other major institutional investors have entered into a “strategic transaction” with unsecured lending platform Happy Money to help fund the next phase of the company’s growth.
Happy Money will remain a privately held company with independent operations, TruStage said.
TruStage Ventures first invested in Happy Money in 2017 as an early-stage investor. As CUToday.info reported, earlier this year, the two companies reported they had partnered on a “first-of-its-kind solution for loan payment protection.”
“In addition to financial and strategic backing, TruStage’s national sales team will bolster efforts to bring Happy Money’s technology platform and lending capabilities to even more credit unions nationwide – thereby reaching more consumers looking for a digital, customer-centric approach to lending,” TruStage said.
‘Critically Important’
Added Brian Kaas, president and managing director of TruStage Ventures, “Lending is critically important to credit unions, and more credit unions need digital lending capabilities to serve the needs of their members. TruStage and Happy Money share a deep commitment to credit unions and members. TruStage recognizes the lending power and capabilities that Happy Money brings to credit unions, and we are excited to continue working with Happy Money as we embark upon this next chapter of our partnership.”
New CEO
Happy Money has appointed Joe Heck as CEO. Heck most recently served as the company’s chief operating officer and has a deep commitment to credit unions and a track record of driving transformation and innovation in the lending industry.
“I see tremendous opportunity for Happy Money as we drive our mission and vision forward from a position of strength,” said Heck. “We believe credit unions’ community-oriented approach is vital for the financial ecosystem, and we’re committed to leveraging our platform to help them unlock greater balance sheet connectivity, simplicity, and diversity while simultaneously advancing a happier approach to lending that meets the needs of today’s consumers.”
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