Splash Financial, the US-based operator of a student loan refinancing marketplace, completed a $12.3m series A round co-led by insurance and financial services firms Cuna Mutual and Northwestern Mutual yesterday.
The corporates participated through strategic investment subsidiaries CMFG Ventures and Northwestern Mutual Future Ventures. They had previously combined to supply $4.3m in seed funding for Splash in June 2019, following $225,000 from unnamed backers in 2016.
Founded in 2013, Splash helps users refinance their student loans in partnership with financial institutions. The cash will support national growth and the addition of more lenders for the platform.
Craig Schedler, managing director at Northwestern Mutual Future Ventures, said: “Millions are living with student loan debt, which can have a significant impact on their financial plan now and in the future
“Splash offers an important solution to help people save money each month and over the life of their loan. We have a shared mission of helping clients secure their financial futures and we are excited to continue our partnership with Splash as the company expands and helps more clients reduce their student loan debt.”
