Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Adam West
Key Takeaways
- Spinwheel has closed its Series A funding of $30 million to grow its real-time payments and consumer credit information system.
- The company described how its agentic artificial intelligence and credential-less technology will reduce implementation cycles and make lenders more efficient.
- For subprime-oriented businesses, Spinwheel's single layer of credit data can facilitate higher approval and reduce servicing expenses.
Spinwheel, a payments and consumer credit data and payments infrastructure fintech firm, recently closed a Series A funding of $30 million signalling growing investor confidence in next-generation credit and payments infrastructure.
Spinwheel’s platform allows lenders to embed real-time consumer debt data and repayment tools directly into their workflows. Those capabilities can help subprime lenders gain deeper visibility into borrower liabilities, reduce delinquencies and offer more personalized repayment options.
The company’s platform covers 15 million individuals and 165 million related accounts.
Spinwheel plans to use the funding, led by capital market company F-Prime in association with QED Investors, Foundation Capital, and Fika Ventures, to expand product solutions, enhance agentic AI technology, and build out its go-to-market efforts.
The company has helped facilitate $1.5 trillion in consumer liabilities and paid out over 50 million payments.
Tomás Campos, Spinwheel CEO and co-founder, explained how the company deals with many of the largest pain points for lenders: stale credit data, high cost of acquisition, and user experiences.
Its workflow can retrieve and act on credit data with date of birth and phone number. That sidesteps much of the friction of conventional credential authentication.
Real-Time Access and Automation
Spinwheel comes with its agentic AI that simplifies backend work that once needed to be done through manual labor. That includes pulling vehicle payoff quotes, analyzing mortgage data, and processing payments in any liability category.
Campos explained that Spinwheel’s agentic AI shortens implementation cycles from over a year to four months. That’s a significant competitive edge for fintechs that have to hit critical launch windows.
Subprime-oriented lenders and marketplaces can tap even more value. In an age in which consumers possess a baker’s dozen or more accounts, real-time knowledge of liabilities can help with offer targeting as well as help mitigate risks. That same knowledge can cut manual servicing expenses.
A Comparison with Open Banking
Spinwheel’s goal parallels what Plaid has done for asset transparency. Here it’s to normalize access to liabilities — credit cards, auto loans, student debt, and so on.
It’s considered less of an add-on to aging systems than an entirely new base. Campos said the goal is to rebuild the infrastructure for consumer credit from the ground up.
That message arrives just as lenders need adaptive systems to deal with fluid risk indicators, growing regulatory demands, and swelling delinquencies.
Implications for Subprime Lenders
Spinwheel began in 2019 but held out for four years for outside capital while demonstrating its product. With its Series A closed, it’s entering property and mortgage information, expanding its list of sources of information, and bringing in new product, engineering, and sales hires.
The system is filling one of financial data’s thorniest of holes: providing liabilities as transparent and actionable as checking account information.
An update of this kind could arrive at an especially timely moment for subprime creditors. With inflationary costs and higher borrowing costs taking their toll on households, in-real-time financial insight is becoming even more critical.
Instruments that help disentangle confusion, show overextension, and enable account servicing may not only improve credit success — but also may prove to be vital.
