Spinwheel Raises $30 Million to Fix Broken Consumer Credit Systems
Spinwheel just secured $30 million in fresh Series A funding, with F-Prime leading the round and backing from QED Investors, Foundation Capital, and Fika Ventures. The firm, known for its real-time consumer credit data and payments platform, already supports over 15 million users and 165 million connected credit and liability accounts. Together, those accounts represent $1.5 trillion in consumer debt.
This new capital injection is all about speed, speeding up the development of Spinwheel’s AI-powered infrastructure, expanding its dataset coverage, and pushing forward with product innovation. The company also plans to grow its go-to-market team as it ramps up efforts to become the backbone of how credit data is accessed and used across the financial industry.
Consumer credit is stuck in the past. Americans are now sitting on $19.5 trillion in liabilities, a sharp jump from $13.3 trillion just 10 years ago.
On average, each person juggles 10 to 14 credit accounts.
But instead of a unified experience, the infrastructure is scattered and slow, with banks and fintechs often left scrambling to piece together outdated information from multiple sources.
“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providers are faced with immense customer service friction, high operational and acquisition costs, missing or outdated data sets and a cumbersome, disjointed experience for consumers who, in turn, are struggling to view, understand and manage numerous liability and credit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,” said Tomás Campos, co-founder and CEO, Spinwheel.
The platform’s design removes unnecessary friction by requiring only a phone number and date of birth to fetch credit data — no logins or passwords needed. This credentialless approach makes it easier for financial platforms to integrate Spinwheel’s APIs directly into their user flows. That means faster payments, fewer drop-offs, and more complete credit profiles.
Spinwheel is positioning itself in contrast to open banking platforms, which have historically focused on assets like bank accounts and savings. The company sees a much bigger opportunity in liabilities, from credit cards to student loans and mortgages, and wants to become the go-to infrastructure for managing that side of the equation.
Meanwhile, the news comes as financial platforms continue hunting for ways to streamline credit management. In a separate update last week, the CFPB proposed new rules requiring lenders to provide clearer access to consumer debt data, putting even more pressure on legacy systems to modernize.
With its agentic AI engine and bank-level security protocols, Spinwheel says it’s ready to push that modernization forward, and the funding round suggests investors believe the timing is right.
