Splash Financial is making significant strides in the lending marketplace by announcing a successful Series C funding round, in which the company secured more than $70 million. Alongside this funding achievement, Splash has introduced a new home equity line of credit (HELOC) product. This recent development marks a crucial step in the company’s mission to deliver innovative financial solutions to consumers.
At its core, Splash Financial serves as a bridge connecting consumers with a network of credit unions and banks. The company utilizes advanced technology for automated loan processing, allowing traditional lenders to offer modern borrowing experiences that are both smooth and competitive in terms of rates. This latest funding round was led by Grand Oaks Capital, with contributions from notable organizations including First Tech Federal Credit Union, Curql Collective, The O.H.I.O. Fund, and existing investors. In total, Splash has raised more than $135 million in equity since its inception and has facilitated over $6 billion in loans.
The new funding will play a crucial role in accelerating the company’s growth and solidifying its status as a key player for individuals seeking affordable rates from community-focused credit unions and banks. Splash initially focused on student loan refinancing and personal loans. By helping borrowers secure favorable interest rates, they have empowered many to take control of their financial situations. With the introduction of HELOCs, Splash now provides an additional financial option for homeowners looking to access the equity built up in their properties.
A key component of Splash’s strategy is to empower individuals to take greater control over their financial futures. The company believes that its mission is to make people feel more powerful than their debt. This can take different forms: for some, it might mean refinancing student loans after graduation to reduce monthly payments; for others, it may involve consolidating personal debt to simplify their financial lives. Additionally, more homeowners are finding ways to leverage their home equity to support significant life events, such as home renovations, education costs, or other family needs.
For credit unions, banks, and fintech partners, the expanding range of financial products offered by Splash opens up new avenues to reach potential borrowers. Instead of needing substantial upfront investments, these financial institutions can benefit from Splash’s integrated digital lending technology. This technology not only streamlines the lending process but also connects the supply of loans with consumers seeking financial support. As a result, lenders can broaden their outreach, and consumers can more easily access the financial products they need at quicker rates and lower costs.
KEY QUOTES:
“Splash provides credit unions and community banks with the technology, models, and scale to efficiently grow their lending programs. With this new equity capital, we’re expanding our credit union and bank network—supporting our partners with the tools they need to reach more borrowers and deliver a streamlined, competitive lending experience.”
Steven Muszynski, Founder and CEO of Splash Financial
“Consumers today expect great rates and a frictionless experience, but many traditional lenders struggle to deliver that ‘wow’ factor. We’re excited to invest in Splash because they empower credit unions and banks to offer a modern, tech-forward lending experience that truly meets today’s consumer expectations.”
Dave Bovenzi, Chief Investment Officer at Grand Oaks Capital
“At First Tech, we’re always looking for innovative ways to meet the evolving financial needs of our members. By deepening our long-term partnership with Splash Financial, we’re able to offer a streamlined, tech-enabled debt consolidation and HELOC solution that provides current and future members/owners with fast, flexible access to funds they need to secure a strong financial future.”
Greg Mitchell, President & Chief Executive Officer at First Tech Federal Credit Union
“For credit unions that want a deeply mission-oriented partner focused on credit union success, Splash is a best-in-class solution. Splash’s focus on leveraging AI and automated lending technology will enable strong growth across HELOC and Personal Loans, providing credit unions with new members and delivering a smooth borrowing experience.”
Nick Evens, President and CEO of Curql Collective
