Happy Money, a digital lender, has gained a $500 million purchase agreement led by Fortress Investment Group and Edge Focus. The agreement is for funds managed by the aforementioned firms to purchase up to $500 million in Happy Money loans.
To date, Happy Money reports have originated more than $6 billion in personal loans for 300,000+ individuals.
Happy Money states that this forward agreement will help them grow as they gain foresight into how they will manage these loans going forward.
Happy Money is an online lender for consumers that aims to empower people to achieve their goals through responsible lending.
Bart Stankiewicz, Managing Director at Fortress Investment Group, said the commitment was indicative of Happy Money’s strong lending criteria, which is data-driven and a strong opportunity for their investors.
“We’re energized about supporting Happy Money’s continued growth in delivering meaningful financial solutions for borrowers while seeking to generate value for our investors.”
Happy Money aims to help consumers with high credit card debt or consolidate debt and pay off balances more quickly and affordably.
Matt Potere, CEO of Happy Money, says they are on a mission for good.
“Partnering with Fortress and Edge Focus strengthens our ability to meet the rising demand for responsible lending and expand access to debt consolidation solutions that put borrowers first.”