Cleveland’s Splash Financial secures $70 million Series C, backed by The O.H.I.O. Fund
Cleveland-based Splash Financial has secured more than $70 million in Series C funding, a round that highlights both the company’s rapid growth and the increasing role of Ohio-based capital in scaling local startups. The investment comes as Splash launches a new home equity line of credit (HELOC) product and expands its national lending marketplace.
The round was led by Grand Oaks Capital, with participation from First Tech Federal Credit Union, Curql Collective, The O.H.I.O. Fund, and existing investors. It pushes Splash’s total equity raised to over $135 million since its founding and comes as the company launches a new HELOC product.
A FinTech on the rise
Splash operates an AI-enabled lending marketplace that connects consumers with a network of credit unions and banks. By automating loan processing, the platform helps traditional lenders deliver faster, more competitive borrowing experiences. To date, Splash has originated more than $6 billion in loans across products including student loan refinancing and personal loans.
The new HELOC offering gives homeowners a flexible way to tap into home equity—a product expansion that broadens Splash’s reach at a moment when consumers increasingly expect digital-first lending options.
Investors backing growth
For The O.H.I.O. Fund, the investment in Splash builds on a busy first year. Just weeks ago, the private investment advisory firm closed its Ohio Institutional Impact Investment Fund at $106 million, part of a total $238 million in commitments raised in its first 12 months. In that time, it executed 19 investments statewide, underscoring its thesis of leveraging Ohio’s momentum to accelerate economic prosperity.
Mike Venerable, Partner at The O.H.I.O. Fund, said Splash embodies the kind of Ohio-grown innovation the firm was built to support, “Splash brings state-of-the-art lending capabilities to the long tail of credit unions and community banks—giving them the models, automation, and scale to serve borrowers in a way that has historically only been available to the largest bank institutions.”
What’s next for Splash
Splash CEO Steven Muszynski said the capital will go toward expanding the company’s network and technology, “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 heart of Splash’s strategy is a mission to “make people more powerful than their debt”—helping consumers at every stage of life, whether refinancing student loans, consolidating debt, or tapping home equity to fund major milestones.
The bigger picture
The Series C is more than just a milestone for Splash, it underscores Ohio’s growing role in the national FinTech landscape. With a deep financial services sector, a rising wave of homegrown startups, and investors like The O.H.I.O. Fund fueling their growth, Ohio is positioning itself as a hub where finance and technology converge.