Splash Financial, a digital lending platform that connects borrowers to financial product lenders, has raised $44.3 million in a Series B which included DST Global, Citi Ventures, Detroit Venture Partners and Firebolt Ventures.
The Cleveland-based company plans to use the financing for technology development in its lender network and automated underwriting platform, according to Crunchbase News.
“This funding round brings us another step closer to realizing our company vision — creating a faster and less expensive financial world,” said Steven Muszynski, founder and CEO of Splash Financial, in a statement.
Splash allows borrowers to compare financial products and shop through a network of lenders. The company currently offers student loan refinancing and private student loans and does not charge application fees, origination fees or pre-payment penalties.
The round also included existing investors CMFG Ventures and Northwestern Mutual Future Ventures, who led Splash’s $12.3 million Series A in 2020. This most recent capital injection brings Splash’s total money raised to $60.9 million, including a $4.3 million venture round in 2019 led by CUNA Mutual Group.
Launched in 2013, Splash currently has over 100,000 accounts and over $6 billion in refinancing requests according to its website. The company was named to the top 250 FinTech companies by CB Insights in 2020.
“Splash Financial is spearheading a digital transformation strategy that will meet the new demands of consumers. We see significant growth potential in the continued evolution of the lending experience and we are thrilled to support Splash’s next phase of growth,” Charley Howe, director of venture investing at Citi Ventures said in a statement.