Happy Money has entered the unicorn club following the latest funding round that gave the US-based fintech a pre-money valuation of $1.1bn.

The company secured $50m in Series D-1 from investors including Anthemis Group and CMFG Ventures.

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Founded in 2009, Happy Money supports unsecured lending in partnership with credit unions. The platform also helps borrowers to settle their debt and save money.

It is said to have helped around 205,000 members since its founding.

The platform recorded an average 42% year-on-year growth in originations from 2018 to 2021. It recently appointed technology veteran Jeff Winner as permanent CEO and Board member.

Currently, it has a workforce of around 400 people in the US.

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Happy Money CEO Jeff Winner said: “Our growth trajectory and latest capital raise reflect the strength of our business and team – and demonstrate investors’ continued confidence in Happy Money’s ability to grow rapidly.

“This funding positions us to accelerate development and expansion of our products, including an end-to-end lending API, and deepen our partnerships.”

Anthemis Group founder Sean Park said: “Anthemis invests in the next generation of fintech leaders like Happy Money that share our values of diversity, inclusivity, and customer-centric innovation.

“Happy Money has a proven track record of delivering a lending experience that benefits its partners and consumers alike, and I can’t wait to see all they will accomplish in the years to come.”

In 2019, Happy Money raised $70m in Series D funding round.