Splash Financial closes a $12.3M Series A Round co-led by CMFG Ventures and Northwestern Mutual Future Ventures
Fremont, CA: Splash Financial, a renowned student loan refinance marketplace and technology platform that partners with banks and credit unions to avail easy student loans, closed a $12.3 million Series A Round of financing. This latest funding round was co-led by Northwestern Mutual Future Ventures, the corporate venture capital arm of Northwestern Mutual and CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group.
Since the last few years, Splash experienced a widespread extension in its customer base, and recently crossed almost 100,000 individual customer accounts and $6 billion in refinancing requests. Splash Financial intends to use the investment raised from Series A round of financing to continue the expansion of its national board, onboard additional lending parties, and stay focused on extending helping hands to the people in need.
"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 offer such a strong solution that allows people to get out of debt faster and move their life forward," said Steven Muszynski, Founder, and CEO of Splash Financial. "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."
"Over the past year, we have seen the strong demand throughout our credit union network in leveraging the Splash student loan refinance technology to drive in new members and strong assets," said Brian Kaas, president, and managing director, CMFG Ventures. "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."
"Millions are living with student loan debt, which can have a significant impact on their financial plan now and in the future," said Craig Schedler, managing director, Northwestern Mutual Future Ventures. "Splash offers an important solution to help people save money each month and over the life of their loan. We have a shared mission of helping clients secure their financial futures, and we're excited to continue our partnership with Splash as the company expands and helps more clients reduce their student loan debt."