CUNA Mutual Group VC Arm Leads Series D in Credit Union Marketplace Happy Money
Posted on 09/06/2019
Costa Mesa, California-based Payoff, Inc. runs a marketplace business that connects borrowers to credit unions called Happy Money. The company raised US$ 70 million in a Series D round led by CMFG Ventures, LLC, the venture capital unit of CUNA Mutual Group (CUNA Mutual Holding Company).
Happy Money was launched in 2009 and has raised over US$ 140 million from investors such as London-based Anthemis Group, CMFG Ventures, Newport Beach, California-based Toba Capital, and other investors. Toba Capital was formed in 2012 by the former CEO of Quest Software.
In July 2018, Payoff, Inc. announced three strategic credit union alliances with Alliant, First Tech, and Technology Credit Union to deliver debt elimination loans.