Splash Financial Experiences Record Growth as Consumer Demand for Student Loan Refinancing Surges
Splash’s proprietary lending technologies powered a 52% annual increase in student loans as the company continues to grow its lender network.
Cleveland, Feb. 23, 2022 (GLOBE NEWSWIRE) — Splash Financial (Splash), the online lending platform that’s democratizing access to better student loan offers, today announced a record-breaking 2021 and new lending partners added to its student loan pricing engine and automated lending platform.
With the financial uncertainty caused by the pandemic and interest rates at historic lows, Splash’s innovative lending technology was uniquely suited to address growing consumer demand. As a result, Splash saw a 52% year-over-year increase in student loans in 2021, finishing the year with a record volume of requests in November and December.
Borrowers who refinanced through Splash saw highly competitive rates and discovered a much faster refinance experience. Since 2012, student loan rates have been as high as 7.90%, depending on the education level, loan type, and when the loan was obtained. By comparison, in 2021, Splash customers received an average rate of 3.51% APR, including 0.25% autopay discount.
“Of all the milestones Splash has achieved this past year, the most meaningful is that we’re truly helping people affected by the student loan debt crisis,” said Steven Muszynski, founder and CEO of Splash Financial. “Student loan debt imprisons many Americans — delaying or preventing them from enjoying life’s greatest milestones, such as buying their first home or starting a family. At Splash, we’re making the process of saving money on student loans as fast and easy as possible, in constant pursuit of our mission to make people more powerful than their debt.”
The surge in interest in Splash’s frictionless borrowing experience was highlighted by an increase in credit union and bank partnership demand. Lenders are looking to increase their visibility among the millennial and Gen Z population, and Splash’s best-in-class student loan refi platform has been an avenue to launch a digitally native solution with ease.
Splash continues to add leading banks and credit unions, including Bethpage Federal Credit Union, and First Fed Bank.
“Growth in today’s market is very competitive. Bethpage is excited to partner with Splash to accelerate our new member and loan acquisition, through a best-in-class and frictionless, digital student loan refinance experience,” shared John Witterschein, vice president, consumer credit at Bethpage Federal Credit Union.
In addition to adding new partners, many existing partners continue to invest in supporting Splash’s mission. “We strive to provide our members with personalized financial services and flexible loan refinancing options for a variety of situations. Over the past couple of years, Splash has evolved to become one of our most trusted FinTech partners – actively working with our team to support our goals and drive growth,” said Marito Domingo, CFO at First Tech Federal Credit Union.
To learn more visit splashfinancial.com or email Eric Snyder, VP Financial Institution Partnerships: [email protected] to join Splash’s growing lender network.
About Splash Financial
Splash Financial is on a mission to make people more powerful than their debt. Splash is a leading digital lending platform that helps borrowers easily shop and compare financial products from a Splash-powered network of credit unions and bank partners. Splash’s unique, curated offers and automated underwriting platform aim to help those refinancing their student loans to save thousands. Splash has raised over $60 million in venture capital from leading investors including Partners of DST Global, Citi Ventures, CMFG Ventures and Northwestern Mutual Future Ventures. To learn more, visit splashfinancial.com.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $14+ billion institution headquartered in San Jose, California. It is the nation’s premier credit union serving the world’s leading technology-oriented companies and their employees, including HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, Google, and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to more than 720,000 members through its 33 branch locations, more than 5,600 CO-OP Shared Branch locations, 30,000 CO-OP Network ATMs, and online platforms. First Tech offers a full range of financial services, including traditional banking, online banking, mortgages, financial planning, various consumer loans, and insurance services. Federally insured by NCUA. Equal Housing Lender. For more information, visit www.firsttechfed.com.
About Bethpage Federal Credit Union
Bethpage Federal Credit Union is a premier community financial institution committed to enriching the lives of its members, employees and the communities it serves for the past 80 years. Bethpage is the largest credit union in the Northeast Region, and the 13th largest in the nation.
As a not-for-profit credit union, Bethpage is committed to its members and the communities it serves. In addition to giving back to its members in the form of great rates and low fees, the Bethpage Cares program invests heavily in local, high-impact community programs that serve with an eye towards creating better communities through diversity, equity, inclusion and belonging.
Voted the fifth Best Company to Work for in New York State by the New York State Society for Human Resources Management and the Glass Door Top Place to work for Small & Midsize companies, Bethpage is a federally chartered credit union, available to people nationwide who open a $5 dollar membership account. Bethpage offers a robust digital platform that allows members to bank from anywhere. Bethpage is a part of the national CO-OP network that gives members access to their accounts at over 30,000 free ATMs and 5,000+ shared branches across the U.S. As a financial cooperative, Bethpage offers the best-in market rates, lowest fees and world-class service, plus a full menu of personal and commercial financial services. For more information on Bethpage’s robust portfolio of banking, borrowing, and investment services, visit www.lovebethpage.com or call 1-800-628-7070.
CONTACT: Ivan Sheehan, Director of Marketing Splash Financial [email protected]
