Splash Financial, a U.S.-based student loan refinance marketplace, announced earlier this week it secured $12.3 million through its Series A investment round, which was co-led by CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group, and Northwestern Mutual Future Ventures.
Founded in 2015, Splash Financial claims it is a leading, online platform that helps hardworking graduates to refinance their student loans and reach financial freedom. The platform has more than 100,000 accounts and over $6 Billion in refinancing requests.
“With loans funded by banks and credit unions, Splash Financial ensures market-leading rates, no application or origination fees, and simplified monthly payments.”
Speaking about the investment round, Steven Muszynski, Founder and CEO of Splash Financial, stated:
“Student loan debt has held people back from pursuing their career dreams, starting a family, and quite often even from moving out of their parent’s home. We are excited to be able to offer such a strong solution that allows people to get out of debt faster and move their life forward. CUNA Mutual and Northwestern Mutual have been fantastic partners whose strong culture and values were abundantly clear from the beginning of our relationship. We are proud to continue working with them to create a more confident financial future.”
Brian Kaas, president and managing director, CMFG Ventures, added:
“Student loan refinancing is an important opportunity for growth for financial institutions, both in generating strong credit assets and in driving a digital member acquisition and cross-sell strategy. The CUNA Mutual team is looking forward to partnering with Splash to expand their footprint into more financial institutions and help millions of people save money on their student loans.”