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Splash Financial Student Loan Refinancing Startup Scores $4.3M in Investment Round

CUNA Mutual Group and Northwestern Mutual Future Ventures Lead the Startup's Latest Investment Round

Splash Financial announced that it has raised $4.3 million in its latest venture capital funding round. The round was led by CUNA Mutual Group, as well as Northwestern Mutual Future Ventures.

Splash Financial was founded in 2015 out of Cleveland, OH. The midwestern startup is making waves in the fintech industry due to its services that help students  refinance their academic loans. Splash Financial partnered with the Pentagon Federal Credit Union (PenFed) to offer a variety of refinancing solutions. These services are exclusive to PenFed members. One of the most notably known  solutions they offer is a joint service for married couples to refinance together.

According to a 2019  Forbes report, student loan debt is the highest it has ever been. In the U.S. alone, there are currently over 44 million borrowers who owe $1.5 trillion in student loan debt collectively. This rate grows immensely, year after year as more students matriculate through higher education institutions, leaving a trail of debt behind them. While some hail refinancing companies as modern-day heroes to students swimming in financial debt, others question if refinancing or consolidation really makes sense. A recent NPR article cautions students to research, weigh your options, and understand what will happen if you decide to choose to take that route.

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Tim Fedrick

As an IT professional, Tim Fedrick has proficiency in IT networking, administration, and security. He enjoys work that brings challenges on the table where he can efficiently apply his problem-solving skills to prove his talent and to learn something new in a different direction. Tim is also a bibliophile who prefers to read books based on technology and sci-fi genre.

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