Splash Financial raises $12.3 million

Splash Financial, a student loan refinance marketplace and technology platform partnering with credit unions and banks to help people get the best refinancing rates on their student loans, has closed a $12.3 million Series A round co-led by CMFG Ventures, the venture capital arm of CUNA Mutual, and Northwestern Mutual Future Ventures, the corporate venture capital arm of Northwestern Mutual. In June 2019, the two venture units backed Splash Financial with a $4.3 million funding round.

Founded in 2015, the Cleveland-based startup has seen “sizable growth” in customers, and it recently surpassed 100,000 unique customer accounts and $6 billion in refinancing requests.

“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.” – Steven Muszynski, founder and CEO of Splash Financial.

“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. 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.” – Brian Kaas, president and managing director, CMFG Ventures.

“Millions are living with student loan debt, which can have a significant impact on their financial plan now and in the future. 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.” – Craig Schedler, managing director, Northwestern Mutual Future Ventures.