Companies often seek out banks to help expand their product offerings in financial services. Whether offering a branded credit card or purchase payment plan, these businesses rely on banking-as-a-service (BaaS) partnerships with banks. These fintech partnerships also create new opportunities for banks looking for ways to expand their customer base through innovative technology solutions.
First Fed recently entered into a new BaaS partnership, announced by its parent company First Northwest Bancorp (FNWB) on Jan. 12. On behalf of FNWB, First Fed will work collaboratively with Splash Financial to help develop and deploy consumer loan products and solutions throughout the country. Splash is a leading digital lending platform that helps borrowers easily shop and compare financial products.
“Our strategic partnership brings together the best of fintech and community banking,” shared Matt Deines, CEO of FNWB and First Fed. “We are excited to partner with such an innovative company to meet the needs of customers across the United States.”
Splash Financial is a national leader in refinancing student loans, helping consumers save money on educational financing and personal loans. Splash raised $44M in Series B in June 2021, bringing its total funding to $60.9M.
“As a leading digital lending platform, we leverage technology to make it easy for borrowers to shop and compare financial products,” stated Steve Muszynski, Founder and CEO of Splash Financial. “We are excited to partner with First Fed and expand our lending opportunities to meet a more diverse range of customers and their needs.”
“It’s exciting to help our local business grow nationally through this mutually beneficial partnership,” added Chris Riffle, COO of First Fed.
First Fed received a best-in-state bank award from Forbes in 2021. Also, the community bank was recognized as a “middle market fast 50” and “best workplace” by Puget Sound Business Journal. While First Fed will be celebrating its centennial in 2023, when it comes to leading the market with innovative financial solutions, they are just getting started.
First Fed is a member FDIC and equal housing lender.