Splash Financial, a digital lending platform that assists borrowers with shopping and comparing financial products from a Splash-powered network of lenders, recently revealed that it has acquired $44.3 million in capital through a Series B round.
Splash Financial’s latest investment round includes contributions from partners of DST Global, Citi Ventures, Detroit Venture Partners, Firebolt Ventures, and existing investors CMFG Ventures and Northwestern Mutual Future Ventures. With this new round, Splash has now secured over $60 million in equity funding since launching operations.
As noted in a release shared with CI, the proceeds will be channeled towards accelerating growth within Splash’s lender network and automated underwriting platform, which facilitates fast and
easy access to financial products “through a digital experience.”
The release also noted that through Splash’s platform, credit unions and banks are able to easily gain access to new members and loans which are then “originated via Splash’s turn-key digital lending technology, all while minimizing any upfront investment.”
Steven Muszynski, Founder and CEO of Splash Financial, stated:
“We’re thrilled about what this funding will allow us to achieve and are excited to partner with amazing investors that share our values. The expectation of consumers today is to be able to compare, shop and save on their financial products all while in the comfort of their own homes. This funding round brings us another step closer to realizing our company vision — creating a faster and less expensive financial world.”
Charley Howe, Director of Venture Investing at Citi Ventures, remarked:
“The importance and sophistication of digital lenders is growing apace. Splash Financial is spearheading a digital transformation strategy that will meet the new demands of consumers. We see significant growth potential in the continued evolution of the lending experience and we are thrilled to support Splash’s next phase of growth.”
Sam Das, MD at CMFG Ventures, added:
“We’re proud and excited to continue to support Steve and the Splash team on their journey. Splash’s focus on leveraging automated lending technology creates a more seamless way to help consumers save money and positions the company to meet the increasing demand for digital delivery of financial services.”