Splash Financial raises $70m to expand AI-powered lending

By Vriti Gothi

Splash Financial has raised $70 million in Series C funding and launched its new home equity line of credit (HELOC) product.

The funding round was led by Grand Oaks Capital and included participation from First Tech Federal Credit Union, Curql Collective, The O.H.I.O. Fund, and existing investors. With this latest investment, Splash has now raised over $135 million in total equity financing since its inception and has processed more than $6 billion in loans.

Splash connects consumers with an extensive network of credit unions and banks through automated, AI-driven loan processing technology. The platform enables traditional lenders to deliver modern, frictionless borrowing experiences while maintaining competitive rates. Originally focused on student loan refinancing and personal loans, Splash now expands its digital lending ecosystem to include HELOCs, offering homeowners a flexible way to access the equity in their homes.

“Splash provides credit unions and community banks with the technology, models, and scale to efficiently grow their lending programs,” said Steven Muszynski, Founder and CEO of Splash Financial. “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.”

At the core of Splash’s mission is empowering consumers to take control of their financial futures. The platform addresses diverse financial needs from refinancing student loans and consolidating personal debt to accessing home equity to fund major life events.

“Consumers today expect great rates and a frictionless experience, but many traditional lenders struggle to deliver that ‘wow’ factor,” said Dave Bovenzi, Chief Investment Officer at Grand Oaks Capital. “We’re excited to invest in Splash because they empower credit unions and banks to offer a modern, tech-forward lending experience that truly meets today’s consumer expectations.”