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Happy Money teams up with Method to streamline debt consolidation

Thursday 11 July 2024 10:33 CET | News

US-based provider of unsecured lending Happy Money has partnered with Method to augment debt consolidation by integrating real-time data APIs for the benefit of credit unions.

 

Happy Money has partnered with Method to augment debt consolidation by integrating real-time data APIs for the benefit of credit unions.

Happy Money has forged a strategic partnership with Method, a provider of real-time data and payment access for consumer liabilities, to enhance the way members consolidate and pay off high-interest credit card debt.

Happy Money offers personal loans to streamline paying off credit card debt, saving consumers thousands of dollars thanks to low interest rates and a single, fixed payment. The integration of Method's liability connectivity APIs into Happy Money's platform enables more accurate and real-time identification of members' outstanding credit cards, live balance retrieval, and balance transfer, without requiring members to enter account numbers or remember passwords. The partnership has resulted in an augmented member experience and deeper transparency into money movement.

Officials from Method said they are helping consumers across the country access the capital they need to reach their goals in partnership with credit unions and other community-focused lenders. With the integration of their technology, they are ensuring the process is seamless, quick, and efficient, creating value for all involved.

Since the partnership's onset, Happy Money members have connected over 50,000 accounts through Method's APIs, with millions of dollars of consumer debt being consolidated monthly via Method's connectivity and payment rails. Through the partnership, Method has facilitated over USD 7 million in balance transfers for Happy Money members, helping them pay off debt faster.

Also commenting on this partnership, representatives from Happy Money said they believe that prioritising borrowers' well-being is a winning strategy; their platform allows consumers to meet their financial goals and enables credit unions to diversify their portfolios and grow. With Method's sophisticated APIs, they gain more real-time information around consumers' outstanding credit cards, faster payment execution and more robust reporting.

What does Happy Money do?

Happy Money is designing a happier way of lending that helps borrowers achieve their goals and helps credit unions achieve greater impact. Backed by prominent investors, the company has helped over 300,000 members since inception – working with community-focused lending partners to fund more than USD 6 billion in loans.

More information about Method Financial

Method's APIs are redefining financial connectivity with real-time, read-write, and frictionless access to all consumer liability data with integrated payment rails. Method helps lenders increase revenue by streamlining customer acquisition, improving underwriting accuracy, and increasing line utilization through balance transfers, all without the need for a consumer's username and password. 

Currently, Method powers solutions for over 60 fintechs, lenders, and FIs including Aven, Bilt, Upgrade, and Figure. Method is backed by a16z, Abstract Ventures, YC, Truist Ventures, and more.


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Keywords: fintech, lending, API, financial data, credit card
Categories: Payments & Commerce
Companies: Happy Money, Method Financial
Countries: World
This article is part of category

Payments & Commerce

Happy Money

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Method Financial

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