Splash’s proprietary lending technologies powered a 52% annual increase in student loans as the company continues to grow its lender network
Splash Financial (Splash), the online lending platform that’s democratizing access to better student loan offers, 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.
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“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.
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“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.
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