Splash Financial Closes Investment from CMFG Ventures and Northwestern Mutual Future Ventures
CLEVELAND, June 10, 2019-- Splash Financial ("Splash") today announced the close of a $4.3M funding round led by CMFG Ventures, LLC, the venture capital entity of CUNA Mutual Group, with participation from Northwestern Mutual Future Ventures, the corporate venture capital arm of Northwestern Mutual.
Splash is a student loan refinancing company backed by banks and credit unions that connects college graduates with online lending options to help refinance their student loan debt and reach financial freedom.
The capital raised will help the company continue to build its national brand, onboard additional banks and credit unions as lending partners, and continue to focus on providing young professionals with industry-leading interest rates.
"Through this funding round, Splash has gained not only new investors but also strong partners in CUNA Mutual Group and Northwestern Mutual," said Steven Muszynski, founder and CEO of Splash Financial. "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."
"We believe in the power of financial innovation to change lives, shape futures, and build a better tomorrow," said Brian Kaas, president and managing director, CMFG Ventures. "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."
"By creating a product that meets the needs of an online generation entrapped in student loan debt, Splash is helping kickstart lifelong financial wellness," said Craig Schedler, venture partner at Northwestern Mutual. "We believe Splash will help more young people get to the financial future they're looking for."
About Splash Financial
Splash Financial is a student loan refinancing company that provides online lending options to help college graduates consolidate and refinance their student loan debt. Its mission is to help young professionals tackle student loan debt, so they can find financial freedom earlier in their careers. Backed by trusted banks and credit unions, Splash offers competitive interest rates and flexible monthly payments for both federal and private student loans.
Blaire Wilson, Splash Financial, firstname.lastname@example.org
Phil Tschudy, CUNA Mutual Group, Philip.Tschudy@cunamutual.com
Craig Schedler, Northwestern Mutual, email@example.com
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