Splash Financial Secures Over $70 Million in Series C Funding to Enhance Lending Solutions

Splash Financial's $70 Million Series C Funding

Splash Financial, a prominent AI-driven lending marketplace, recently announced its successful closing of over $70 million in a Series C funding round. This investment not only solidifies its financial backing but also sets the stage for an exciting expansion of its offerings, notably the introduction of a new home equity line of credit (HELOC) product.

Founded in 2013, Splash Financial has carved a niche in the lending industry by effectively connecting consumers with a diverse network of banks and credit unions. Utilizing advanced automated loan processing technology, the platform aims to modernize traditional borrowing practices, providing a streamlined and competitive lending experience. With its recent funding round led by Grand Oaks Capital and contributions from partners including First Tech Federal Credit Union and Curql Collective, Splash Financial has now raised more than $135 million since its inception, significantly processing over $6 billion in loans.

The funds acquired will serve to bolster growth and enhance Splash's competitive standing as a trusted source for consumers in search of favorable lending rates through community-focused financial institutions. Initially recognized for its specialization in student loan refinancing and personal loans, the launch of HELOC offers homeowners a versatile option for tapping into their home value, thereby addressing broader financial needs.

According to Steven Muszynski, Splash Financial's Founder and CEO, “Splash provides credit unions and community banks with the technology, models, and scale to efficiently grow their lending programs.” The influx of equity capital complements its mission to expand the network of partnered lenders, delivering essential resources to enhance engagement with borrowers.

The marketplace’s approach is built around a fundamental goal: to empower individuals to conquer their debt. Whether it's assisting graduates in refinancing their student loans, streamlining personal debt consolidation, or allowing homeowners to utilize their home equity for significant life events, Splash aims to provide effective solutions tailored to various financial ambitions.

Dave Bovenzi, Chief Investment Officer at Grand Oaks Capital, emphasizes the critical nature of meeting consumer expectations in today’s fast-paced financial world: “Consumers today expect great rates and a frictionless experience.