Splash Financial Closes $12.3M Series A Round To Save People Money on Their Student Loans

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May 26, 2020, 07:00 ET

CLEVELAND, May 26, 2020 /PRNewswire/ -- Splash Financial ("Splash"), a leading 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, today announced the close of a $12.3M Series A Round co-led by CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group, and Northwestern Mutual Future Ventures, the corporate venture capital arm of Northwestern Mutual.

Over the last few years, Splash has seen sizable growth in customers, and recently surpassed 100,000 unique customer accounts and $6 billion in refinancing requests. The capital raised will help the company continue to expand its national brand, onboard additional lending partners, and continue to focus on helping people save the most money on their student loans.

"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," 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."

About Splash Financial

Splash Financial is a leading student loan refinancing marketplace and technology platform that partners with financial institutions to help consumers save money on their student loans. With over 100,000 accounts and over $6 Billion in refinancing requests, Splash is one of the national leaders in refinancing student loans.

Contacts:

Helen Wang, Splash Financial, [email protected]

Phil Tschudy, CUNA Mutual Group, [email protected]

Meghan Greco, Northwestern Mutual, [email protected]

SOURCE Splash Financial