Fintech Partnership between FNWB and Splash Financial
PORT ANGELES, Wash., Jan. 12, 2022 (GLOBE NEWSWIRE) — First Northwest Bancorp (FNWB) announced a new fintech partnership with Splash Financial, a leading digital lending platform that helps borrowers easily shop and compare financial products. Through its subsidiary, First Fed Bank, FNWB will work collaboratively with Splash to develop and deploy consumer loan products and solutions throughout the country.
“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.”
“As a leading digital lending platform, we leverage technology to make it easy for borrowers to shop and compare financial products. So we are excited to partner with First Fed and expand our lending opportunities to meet a more diverse range of customers and their needs,” stated Steve Muszynski, Founder and CEO of Splash Financial.
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.
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. First Fed will be celebrating its centennial in 2023 in Port Angeles, Washington.
First Northwest Bancorp (Nasdaq: FNWB) is a bank holding company engaged in investment activities including the business activity of its subsidiary, First Fed Bank. First Fed is a community-oriented financial institution which has served customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a fully array of financial products and services for individuals, small business, and commercial customers. Additionally, First Fed focuses on strategic partnerships with financial technology (“fintech”) companies to develop and deploy digitally focused financial solutions to meet customers’ needs on a broader scale. FNWB also invests in fintech companies directly as well as through select venture capital partners. In 2021, the Company entered a joint venture to found Quin, a fintech focused on financial wellness and lifestyle protection for consumers nationwide. Other fintech partnership initiatives include banking-as-a-service, digital payments and marketplace lending. FNWB was incorporated in 2012 and is headquartered in Port Angeles, Washington.
About Splash Financial
Splash is a leading digital lending platform that helps borrowers easily shop and compare financial products from a Splash-powered network of lenders. By bringing credit unions and banks of all sizes into one shopping experience, and utilizing our proprietary automated underwriting platform, Splash can help people save thousands of dollars in interest payments.
Matthew P. Deines
President & CEO
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4154390e-141e-4b0b-ae21-67eb46ec0d72