Merrick Bank and Happy Money Start $500 Million Lending Program

Merrick Bank and Happy Money have launched a personal lending program that will provide up to $500 million in funding through 2027. Announced Oct. 20, 2026, the partnership expands Happy Money’s funding capacity and adds a bank to its network of capital partners.

Merrick Bank will originate and fund the personal loans, while Happy Money’s platform will facilitate and service them. The companies said the program is intended to help Happy Money serve qualified borrowers. They have not announced loan rates, amounts, eligibility requirements or how many loans the program could support, so the funding figure alone does not indicate what an individual borrower may receive.

How the program will work

Merrick’s role is backed by its consumer credit business and bank sponsorship partnership with Happy Money. The bank reported approximately $9.3 billion in assets and said its loan portfolio is dedicated to consumer credit. Happy Money operates a digital lending platform called Hive and works with financial institutions and investors to fund loans.

The new arrangement adds to a funding network that Happy Money says includes credit unions, institutional investors and banks. The company said a broader mix of funding partners gives it more flexibility across market cycles, but it did not disclose how the $500 million will be allocated or whether the full amount will be used.

What borrowers should know

The announcement comes as personal loan balances in the United States continue to grow. TransUnion put those balances at a record $281 billion in the second quarter of 2026. That industry figure is separate from the Merrick-Happy Money program and does not show how much of the market either company serves.

Happy Money said it has passed $7 billion in cumulative loan originations and helped more than 350,000 customers pay down high-interest debt, with an estimated $1 billion in interest savings. Those are company figures covering its lending to date; the announcement did not provide borrower-level outcomes or specific terms for loans funded through the new program.

This report draws on information from prnewswire.com.