Merrick Bank will provide up to $500 million for Happy Money personal loans through 2027, expanding the funding base.
Happy Money has launched a lending program with Merrick Bank that will provide up to $500 million in funding through 2027.
Merrick Bank will originate and fund personal loans through a bank-sponsorship partnership, while Happy Money’s platform will facilitate and service the loans.
The program adds to Happy Money’s funding network, which includes credit unions, institutional investors and banks.
The company said the agreement increases its lending capacity and diversifies its funding base, which can provide more flexibility across market cycles.
Merrick Bank holds approximately $9.3 billion in assets and maintains a consumer-credit loan portfolio. The Utah-based bank is a wholly owned subsidiary of CardWorks Financial Group, serves about five million cardmembers and more than 100,000 merchant customers, and offers bank sponsorships among its products.
Louis Mrachek, executive vice president and head of consumer lending at Merrick Bank, said, "the bank was confident in Happy Money’s “disciplined approach” to offering personal loans through lending partners after conducting due diligence."
He said the firms share a goal of making responsible and transparent credit more accessible to underserved consumers.
Happy Money Chief Revenue Officer Matt Tomko said Merrick Bank brings nearly three decades of consumer-credit experience and provides additional funding capacity as the company grows.
The deal comes as U.S. personal-loan balances reached a record $281 billion in the second quarter of 2026, according to TransUnion data cited by Happy Money.
Happy Money said it has surpassed $7 billion in cumulative loan originations, served more than 350,000 customers, and helped them save an estimated $1 billion in interest.
For Happy Money, the agreement provides committed funding capacity rather than relying solely on existing capital partners.
For Merrick Bank, it adds consumer-loan originations through a digital platform, though the announcement did not disclose interest rates, loan terms, credit criteria, or the bank’s expected returns.