Spinwheel is a company that is transforming how consumer credit data is accessed, activated, and embedded into financial workflows. The company announced the closing of a $30 million Series A funding round, led by F-Prime with participation from QED Investors, Foundation Capital, and Fika Ventures.
What Spinwheel does: Spinwheel’s real-time consumer credit data and payments platform currently supports over 15 million users and 165 million connected credit and liability accounts, facilitating more than $1.5 trillion in consumer debt across its network. The new funding will advance the development of its agentic AI platform, expand its datasets and product offerings, and scale its go-to-market team as it builds the foundational infrastructure to transform the consumer credit data and payments ecosystem.
Spinwheel was created to establish a unified infrastructure layer that simplifies the access, activation, and resolution of liabilities. And Spinwheel partners with lenders, marketplaces, personal financial management platforms, and other financial companies to provide real-time, verified consumer credit data to process payments as part of their clients’ existing workflow and operations through APIs.
The company’s proprietary and credentialless technology requires only two data fields – phone number and date of birth – streamlining and simplifying user actions, and delivering a more comprehensive consumer credit profile. This empowers financial clients to provide better financial products and a seamless experience for consumers. And Spinwheel’s clients see significant improvements in conversion rates, increased revenue, lower operational and acquisition costs, as well as mitigated risk.
Problem being addressed: The consumer credit ecosystem is buckling under the weight of legacy systems. And U.S. consumer liabilities have reached record highs. Plus, the average American holds between 10 and 14 credit accounts. Despite the scale, the infrastructure supporting credit data access and payments remains fragmented, slow, and riddled with friction for financial institutions. At the same time, consumers are left juggling multiple logins and outdated information.
How the funding will be used: This latest funding round will advance its technology to further automate credit management and unlock more data through its agentic AI platform, expand into new access points and offerings for non-traditional data and sources, and build out its go-to-market team.
KEY QUOTES:
“Financial providers are faced with immense customer service friction, high operational and acquisition costs, missing or outdated data sets and a cumbersome, disjointed experience for consumers who, in turn, are struggling to view, understand and manage numerous liability and credit accounts. We are transforming this challenge by building the foundational infrastructure to power the future of the consumer credit ecosystem. We believe this is an enormous opportunity that will outpace open banking. With a focus on first principles and innovation, we will elevate our financial clients’ ability to deliver better credit outcomes to consumers like never before.”
Tomás Campos, co-founder and CEO, Spinwheel
“Spinwheel is tackling one of the most complex and consequential frontiers in financial data: real-time consumer liabilities. While open banking has largely focused on assets, there is a large opportunity in mapping the full liability picture across credit cards, mortgages, student loans, and more. We’re in the early innings of this category’s evolution. Spinwheel’s team has the right combination of deep technical skill and market insight required to lead in a market where challenges are large and the stakes are high.”
David Jegen, Managing Partner at F-Prime
