Splash Raises $4.3 million to grow student loan refinancing options
Cleveland-based startup Splash Financial has raised $4.3 million in a funding round led by CMFG Ventures, the venture capital arm of CUNA Mutual Group and other participants include Northwestern Mutual Future Ventures, the VC arm of Northwestern Mutual. Splash Financial is a student loan refinancing company, which was founded in 2015. “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 chief executive of Splash Financial, in a statement. Splash Financial offers loans to the students with the fixed interest rates ranging between 3.87% and 7.03% and variable interest rate loans ranging between 3.05% and 7.79%. The company aims to use the money towards adding more lending partners like banks and credit unions as well as for the branding of the company.