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BFD Expert Voices - Private Credit

BFD Expert Voices

Spinwheel, a fintech startup focused on consumer debt management, raised $30 million in Series A funding, CEO Tomás Campos tells Axios exclusively.

Why it matters: Debt management solutions remain fragmented and difficult for users to manage effectively.

How it works: Spinwheel helps fintech platforms and banks authenticate users, automate data retrieval and facilitate payments, reducing the friction of managing consumer debt.

With a person's phone number and date of birth, the company can find and connect to all of an end user's liability accounts and make payments on their behalf.

"We decided we're not going to depend on the user and password because the friction is too high and it doesn't prove it's actually the user," Campos says.

The big picture: Consumer fintechs face challenges in getting users to authenticate and connect all of their various financial accounts.

High friction from login requirements often leads to user drop-off and incomplete financial pictures.

Between the lines: The company's unique feature is combining data aggregation capabilities, like those of Plaid, with payment processing functionality similar to Stripe's.

"We're not just aggregating data. We're actually a payment network that can automate real transactions for consumers," Campos says.

Flashback: Spinwheel initially focused on student loan repayment but pivoted to a broader approach to managing various types of consumer debt.

Customers now include PFM platforms like Monarch Money, marketplaces like NerdWallet or Credit Karma, and lenders.

By the numbers: Spinwheel has connected over $1.5 trillion in consumer liabilities across 165 million accounts since its founding.

It has processed over 50 million AI-powered payment transactions, leading to revenue increasing 760% over the past 18 months.

Zoom in: F-Prime Capital led the round, which included participation from QED Investors, Foundation Capital and Fika Ventures.

Spinwheel had previously raised $14 million in 2021.

Exclusive: Spinwheel raises $30M to streamline debt management

Debt management remains fragmented and difficult to connect

Illustration of a lion tamer with a whip and stool taming a giant piggy bank. 

Spinwheel, a fintech startup focused on consumer debt management, raised $30 million in Series A funding, CEO Tomás Campos tells Axios exclusively.Why it matters: Debt management solutions remain fragmented and difficult for users to manage effectively.

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Exclusive: Spinwheel raises $30M to streamline debt management

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