Lending marketplace Splash Financial has closed over $70 million in a Series C funding round led by Grand Oaks Capital, while also unveiling a new home equity line of credit (HELOC) offering.
The round drew support from First Tech Federal Credit Union, Curql Collective and The OHIO Fund, alongside participation from undisclosed existing investors.
These are known to currently include CMFG Ventures, Northwestern Mutual Future Ventures, DST Global, Citi Ventures, Detroit Venture Partners and Firebolt Ventures.
Building on a $12.3 million Series A and $44.3 million Series B, Splash Financial has now raised in excess of $135 million in total equity funding and processed over $6 billion in loans since being founded by CEO Steven Muszynski in 2013.
The company specialises in student loan refinancing, connecting graduate borrowers with a network of different banks and credit unions to help secure competitive interest rates and reduce their monthly payments via an online application process.
While Splash Financial also offers options for personal loans through this network, the company is now expanding its product suite with a HELOC solution following its latest capital raise.
HELOC offers a revolving line of credit that allows homeowners to borrow money using their home’s equity as collateral, with users now able to access funding of up to $500,000 through Splash Financial.
This feature is currently gaining traction among the financial services sector, with home equity lender Aven notably raising $110 million earlier this month to further develop its own HELOC offering.
“With this new equity capital, we’re expanding our credit union and bank network, supporting our partners with the tools they need to reach more borrowers and deliver a streamlined, competitive lending experience,” Muszynski comments.
Source: https://www.fintechfutures.com/
