- Cleveland-based Splash Financial announced it raised $4.3 million in funding led by CUNA Mutual Group and Northwestern Mutual Future Ventures
Splash Financial is a Cleveland-based company that is focused on helping people pay off their student loans. And recently Splash Financial announced it raised $4.3 million in funding led by CMFG Ventures, LLC — the venture capital entity of CUNA Mutual Group. And there was participation from Northwestern Mutual’s venture capital arm Northwestern Mutual Future Ventures.
“Through this funding round, Splash has gained not only new investors but also strong partners in CUNA Mutual Group and Northwestern Mutual,” said Splash Financial founded and CEO Steven Muszynski. “Our mission at Splash is to help young professionals save money on their student loans, gain financial independence and make a splash in the world. Both CUNA Mutual Group’s and Northwestern Mutual’s values are rooted in financial wellness, and we are lucky to collaborate with such highly respected and accomplished companies.”
How does Splash Financial work? The company partners with banks and credit unions to connect college graduates with online lending options to help refinance their student loan debt and reach financial freedom.
“We believe in the power of financial innovation to change lives, shape futures, and build a better tomorrow,” added CMFG Ventures president and managing director Brian Kaas. “Student loan refinancing is an important area of opportunity for financial institutions, so we’re glad to invest in this innovative loan refinancing platform. It’ll help millions of college students tackle student loan debt and connect them with financial institutions for long-term success.”
With this round of funding, Splash Financial will continue building its national brand, onboard more banks and credit unions as lending partners, and continue its focus on providing young professionals with industry-leading interest rates.
“By creating a product that meets the needs of an online generation entrapped in student loan debt, Splash is helping kickstart lifelong financial wellness,” explained Northwestern Mutual venture partner Craig Schedler. “We believe Splash will help more young people get to the financial future they’re looking for.”
