MFG Ventures, the venture capital arm of insurance firm Cuna Mutual Group, led a $70m series D round yesterday for US-based financial tools provider Happy Money.
Formerly known as Payoff, Happy Money runs a platform intended to help users move from credit cards to a goal-focused savings account that helps them manage their finances more responsibly.
The round valued the company at $495m according to Forbes. It has also formed a strategic partnership with Cuna Mutual and intends to leverage its relationships with US credit unions.
Brian Kaas, managing director of CMFG Ventures, said: “We were drawn to Happy Money because of their innovative approach to providing financial tools and services focused on human happiness, as well as their shared ethos with credit unions to serve members and communities.
“We are confident in Happy Money’s experienced leadership team and are excited to help accelerate their ability to forge partnerships with, and bring innovative lending and savings offerings to credit unions and other mission-aligned organisations.”
The round brought Happy Money’s overall funding to more than $140m, it said, $46.7m of which was supplied by undisclosed investors in 2016.
The company has identified internet group Tencent as an investor but did not disclose details as to when or how much it invested. Anthemis Group, FirstMark Capital, Great Oak Venture Capital and Toba Capital are also among its earlier backers.
