Citi Ventures joins Splash’s funding round

Digital lending platform Splash Financial has closed a $44.3 million Series B funding round, having secured investment from Citi Ventures and partners of DST Global, among other new and existing investors.

The latest round brings the total raised by Splash Financial to $60 million in equity funding since launch.

The fundraising included not only partners of DST Global and Citi Ventures, but also Detroit Venture Partners, Firebolt Ventures, and existing investors CMFG Ventures and Northwestern Mutual Future Ventures.

Splash’s platform enables borrowers to easily shop and compare financial products from a Splash-powered network of lenders, and the company said it will use the proceeds from the Series B round to accelerate the growth of its lender network and automated underwriting platform.

Charley Howe, director of venture investing at Citi Ventures, said that 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,” Howe said. “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.”

Sam Das, managing director of CMFG Ventures, added: “Splash’s focus on leveraging automated lending technology creates a more seamless way to help consumers save money and positions the company to meet the increasing demand for digital delivery of financial services.”