Market Overview

Arcus and Happy Money Partner to Tackle Credit Card Debt by Launching Direct Credit Card Payoff Product


Happy Money Members Will Now Be Able to Directly Pay Off Multiple
Credit Cards with a Single Loan

Today, Arcus
and Happy
, two leading financial technology companies working to create
better financial health for people around the world, have partnered to
launch a direct credit card payoff product. The new product, which will
operate within Happy Money's Payoff Loan service, enables people to get
out of credit card debt more easily by giving consumers the ability to
directly pay off multiple credit cards with a single loan.

Last year, credit card debt in the United States surpassed $1 trillion,
reaching an all-time high according to the Federal Reserve. However,
wage increases remained mostly flat. With consumers struggling to pay
off their debt, this partnership between Happy Money and Arcus brings
people a modern personal finance solution that empowers them to easily
pay off their credit cards, and get out of debt.

"We're on a mission to create stronger financial health for people
around the world, and by partnering with Happy Money to launch an
innovative programmatic credit card payoff product, we've built a modern
way for people to pay off their debt in a more seamless way," said Arcus
CEO and Co-Founder, Edrizio De La Cruz.

Happy Money's Payoff
currently gives people the power to reduce multiple
high-interest payments into one low-rate monthly payment. Happy Money is
integrating the Arcus xPay API into its Payoff Loan enabling direct
disbursement of loan proceeds to a member's credit facilities. This will
serve to both mitigate risk associated with the loan and streamline the
process for Happy Money Members to pay off multiple credit cards with
their Payoff Loan.

"Credit card interest, next to bank fees, is one of the saddest spends
consumers make. We believe in helping people live happier lives and for
many that starts with paying off credit cards. Our partnership with
Arcus makes it easier for our Members to pay off their credit cards, and
we love that," said Scott Saunders, CEO and Founder of Happy Money.

About Arcus

Arcus makes financial institutions the hub of their customers' entire
financial lives. The company was co-founded by Wharton MBA Edrizio De La
Cruz and launched in Y Combinator. Arcus connects financial institutions
with merchants via a two-way protocol, which pulls data (e.g., payments
history) and pushes data (e.g., payments) to recurring merchants. Arcus
offers two solutions for financial institutions – Financial Hub and the
Virtual Card. Over 40 financial institutions use arcus to help their
consumers put their financial life on autopilot, eliminating late fees
and financial stress. For more information, please visit

About Happy Money

Happy Money is the only financial company that combines psychology and
money to help people live happier lives. Happy Money believes in
long-term relationships with people, meeting them at every stage of
their financial life, and maximizing their happiness along the way.
Happy Money is composed of financial services professionals, research
and clinical psychologists, data scientists, neuroscientists, designers,
and technology experts, all working together to provide three primary
experiences: Joy, Payoff and the Happy Money Score.

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