Happen (HAPN) Corporate presentation summary

Business and target market

• Digital banking platform serves the “Motivated Middle”: borrowers with ~720 average FICO and $120K annual income, who are digitally savvy, value-conscious and strategic credit users.

• Lifetime scale: $100B+ in loans funded since 2006 and 5M+ members; member NPS was 86 as of September 30, 2026.

• Addressable market estimated at ~$2.5T across personal loans, auto refinance, major-purchase financing and home improvement financing.

• Personal loans range from $1K to $75K; auto refinance loans up to $85K; point-of-sale financing loans up to $65K.

Products and member experience

• Personal loans, LevelUp Checking and Savings, CDs and DebtIQ combine borrowing, deposits and debt management in a mobile-first experience.

• LevelUp Savings offered 4.20% APY with monthly contributions of $250+, versus a 3.00% base APY; rates as of September 30, 2026.

• Average Happen Bank personal-loan APR was 15% versus 22% average credit-card APR on assessed-interest balances; LevelUp Savings offered 4.20% APY versus 0.01% at cited national banks.

• Personal-loan applications take under 5 minutes; over 90% of issued loans are fully automated, and 83% of members want to do more with the platform.

• Auto refinancing lowers payments by $62 per month on average and saves over $2,500 over the loan’s life; auto refinance TAM is $460B.

Competitive strengths and funding model

• Proprietary underwriting approved over 2.4x more borrowers than traditional FICO-based models at the same default limit, based on Q1–Q3 2023 application data.

• Credit performance included ~40% lower delinquencies than the competitive set for over six years, fraud losses under 3 bps and 25% recovery-rate outperformance.

• Marketplace and bank balance sheet work together: 60%–70% of originations are marketplace-funded and 30%–40% go to the bank balance sheet.

• Loan funding options include private and rated structured certificates and whole-loan sales to banks and other investors.

• Repeat borrowers drive ~50% of loan volume; projected lifetime value is 2.6x for two loans and 6.5x for multiple loans versus one loan.