Big news for Spinwheel today! It’s with immense pride and a sincere gratitude that I’m announcing we’ve successfully closed our $30 million Series A funding round. This isn’t just a number; it’s a huge vote of confidence, led by F-Prime with participation from QED Investors, Foundation Capital, and Fika Ventures. You can dive deeper into the news with Axios’ exclusive coverage today.

This milestone means the world to us – not just for Spinwheel as a company, but for every single one of our dedicated employees, the partners who believe in us, and the clients we’re so lucky to serve. The unwavering commitment from our investors is a powerful testament to the vision Tushar, myself and the team have poured our lives into: transforming the consumer credit and payments ecosystem for the better. We are deeply grateful to everyone who has championed Spinwheel to this point in our journey.

The opportunity ahead of us is enormous. We’ve built a category-defining company, tackling the complex challenges of liability data and payments head-on, and are helping financial companies deliver better credit outcomes for consumers in ways that simply haven’t been possible before.

Addressing the $19.5T Consumer Liability Challenge

Consumer credit should be a wealth lever for people. A tool that helps individuals expand their possibility curve, like buying a home, or increasing their education for a better paying job. As outstanding consumer liabilities in the US stand at $19.5T (up from $13.3T a decade ago) this is all too often not the case. In fact, total household debt increased by $167 billion in the first quarter of this year, according to Newyorkfed.org. On average, consumers hold between ten and fourteen credit and liability accounts at any given time, juggling numerous payments, interest rates and terms. Debt has become an overwhelming burden for millions of consumers and turned into a risk lever for many.    

The exponential growth in liabilities also brings millions of data points to access, organize and manage for both financial organizations and consumers. The discrepancy between financial networks to deliver an accurate consumer credit profile is littered with cumbersome logins, inaccurate or missing data and a broken experience. Without a cohesive credit ecosystem, financial providers, fintechs, marketplaces and consumers must navigate a disjointed and antiquated process, leaving them without the ability to find the best products for their profile or situation. The challenge is enormous and very real, but also very solvable. 

This is why we founded Spinwheel.

When we stepped back and really looked at the problem from a first principles perspective, we realized the system needed rewiring in order to power an ecosystem that delivers better financial outcomes and reduces complexity and cost for consumers and the businesses that serve them. We also saw that open banking continued to grow and innovate, yet liability data and payment innovation remained stagnant. It has enormous growth potential by almost seven to tenfold, but has experienced less attention or investment. This was the opportunity.

First Principles, Innovation and the Consumer

Unlike banking, consumer liability accounts are highly fragmented and diverse. On average consumers have disproportionately more liability accounts than any other type of financial account. The sheer amount of fragmented credit data significantly limits how consumers ultimately connect, view, understand and take action with their finances. 

We wanted to take on this challenge differently, as the current state wasn’t addressing the root of the problem. We started with the end consumer, applying first principles and innovation to challenge what an ideal consumer credit journey should be. We wanted to eliminate the friction and inefficiencies consumers experience and empower companies of all sizes to provide better products with a seamless experience. 

We mapped out how to transform the credit data ecosystem to power a streamlined experience across lenders, marketplaces, personal financial management platforms, and financial companies. Given our background building AI powered agents, we knew that combining developer first APIs with agentic AI would unlock new capabilities and possibilities for the entire ecosystem. We knew if financial institutions and apps could engage their customers with the most complete credit profile and the least amount of friction, they could deliver powerful outcomes to consumers quickly and effectively. 

We could do our part to help flip credit back to a positive lever for consumers again.

We replaced the brittle credential based authentication with a more secure and highly robust identity based user authentication that needs only two data fields – phone number and date of birth. Our proprietary, credentialless technology provides real-time, verified consumer credit data and processes payments as part of a financial company’s existing workflow and operations via APIs. 

We built autonomous AI agents to automatically integrate and navigate these disparate and unstructured data sources that can unlock previously inaccessible and hard to get unique data sets and open up new use cases. 

Our platform delivers a more complete consumer credit profile, empowering financial companies, marketplaces and fintechs to provide better financial products, a seamless experience for the consumer and generate impact that matters. 

Milestones to Mark our Next Chapter

When we started Spinwheel back in 2019, we knew we were creating something extraordinary, something that would change how credit and payment technology fuels consumer finance. We are changing how the $19.5T in U.S. consumer liabilities are accessed and managed through the Spinwheel account connectivity and payment APIs and rewiring how this information is activated and embedded into financial workflows. 

We have experienced big milestones, substantial challenges, amazing breakthroughs and accelerating momentum. We are proud of what we have accomplished so far. 

To our early clients and supporters, thank you! I mean that sincerely. You take our technology and capabilities and make game changing products and solutions that lift all boats. Your insights, feedback and trust are the backbone elements of the product we created and continue to expand today. 

Lastly, the most important part of why we have accomplished what we have so far is because of our amazing team. Talent is table stakes, but working alongside good human beings who have the innovation, grit, and attitude to take on the highs and lows of this journey together is what makes this all possible. No amount of accolades or shoutouts can communicate the pride, trust, and gratitude I have for our team. The talented team members who share our enthusiasm for solving this massive challenge are fundamental to Spinwheel’s accomplishments and growth. I am more motivated than ever to be in the trenches with this team to build a generational company that transforms the consumer credit data and payments industry for the better.

Fueling our Mission for What’s Next

We are deeply humbled by the enormous support of our $30 million Series A raise. This funding will not only accelerate our mission, but more importantly, it will compound our ability to scale, innovate and define the future of credit and payments. We are excited to take this journey with our investors and are grateful for their commitment to our team and mission.

Our investors bring unparalleled and industry-leading expertise in fintech, product, AI and financial operations to make up a strong advisory team guiding us in the next chapter. 

Through this new funding, Spinwheel will rapidly scale and compound our competitive advantages. We are focusing our investment in these main areas: 

• Accelerate our technology and product roadmap to expand into new access points and offerings for non-traditional data and sources 

• Double down on our go-to-market efforts

We’re poised to accelerate our growth, advance our platform, and redefine what’s possible with the goal to deliver better credit outcomes. We believe with this talented team, we will build a generational company that delivers the infrastructure that powers fintechs, financial services, lenders, marketplaces and more. 

It’s just the beginning and we’re incredibly excited for what’s ahead. Join us on our journey as a partner, client, or team member.