US-based digital lending platform Splash Financial has secured $44.3m in a Series B funding round.

Partners of DST Global, Citi Ventures, Detroit Venture Partners, Firebolt Ventures, and the company’s existing investors CMFG Ventures and Northwestern Mutual Future Ventures participated in the round.

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Following the latest fundraise, Splash Financial has secured more than $60m in equity funding since its founding.

Splash Financial: Future plans

Splash Financial operates as marketplace and technology platform enabling borrowers shop and compare financial products from a network of lenders.

Banks and credit unions use Splash’s platform to expand their customer base. All loans are originated through Splash’s turn-key digital lending technology minimising upfront investment.

The new proceeds will be used to fuel company growth. A portion of the investment will also be used for automated underwriting platform to facilitate access to financial products.

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Quotes:

Splash Financial founder and CEO Steven Muszynski said: “We’re thrilled about what this funding will allow us to achieve and are excited to partner with amazing investors that share our values.

“The expectation of consumers today is to be able to compare, shop and save on their financial products all while in the comfort of their own homes.

“This funding round brings us another step closer to realising our company vision — creating a faster and less expensive financial world.”

Citi Ventures venture investing director Charley Howe said: “The importance and sophistication of digital lenders is growing apace.

“Splash Financial is spearheading a digital transformation strategy that will meet the new demands of consumers.

“We see significant growth potential in the continued evolution of the lending experience and we are thrilled to support Splash’s next phase of growth.”