Splash Financial has closed a $12.3 million 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 is expected to 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," Splash Financial Founder and CEO Steven Muszynski said in a statement. “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."
CMFG President and Managing Director Brian Kaas added: "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."
Millions are living with student loan debt, which can have a significant impact on their financial plan now and in the future," said Northwestern Mutual Future Ventures Managing Director Craig Schedler said.
"Splash offers an important solution to help people save money each month and over the life of their loan,” he said. “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."