Spinwheel is making real-time consumer credit data and payments instant, integrated, and intelligent
Spinwheel, the agentic AI-powered credit data and payments platform, announced a strategic investment from Citi Ventures. The funding will support Spinwheel’s continued go-to-market growth, expand its agentic AI platform, and build out its data sets and product offerings. In addition, Citi Ventures will advise Spinwheel on product use cases that matter most to the largest financial institutions.
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“We assessed the credit data landscape as part of our due diligence, and Spinwheel’s innovative platform is a leader in how U.S. consumer credit information is accessed and managed.” Arvind Purushotham, Head of Citi Ventures.
This investment marks a significant milestone in addition to Spinwheel’s $30 million Series A round announced in June. Citi Ventures joins other leading investors, including F-Prime, QED Investors, Foundation Capital, Core Innovation Capital and Fika Ventures in backing Spinwheel’s bold vision to rewire how real-time credit data is accessed, activated, and embedded.
Households in the United States collectively owe more than $18 trillion, up nearly 30% from 2020, with mortgages accounting for more than 70% of the total figure. Other common liabilities include credit cards, auto loans and student loans. As consumers accumulate debt, it gets harder to manage and keep up. Nearly 12% of people in the United States with credit card debt are delinquent, up from about 6% in 2014.
“Spinwheel is rewiring how real-time credit data can be combined with payments infrastructure to manage consumer credit, and this aligns closely with Citi Ventures’ vision for the future of finance,” said Arvind Purushotham, Head of Citi Ventures. “We assessed the credit data landscape as part of our due diligence, and Spinwheel’s innovative platform is a leader in how U.S. consumer credit information is accessed and managed. As a strategic investor on behalf of Citi, we are excited to support Spinwheel’s strategy and look forward to working with them to help shape the future of consumer credit.”
Spinwheel partners with lenders, marketplaces, personal financial management platforms, and other leading financial companies to provide real-time, verified consumer credit data to process payments as part of their clients’ existing workflow and operations via APIs. The company’s proprietary, credential-less technology requires only two data fields – phone number and date of birth – streamlining and simplifying user actions and delivering a more complete consumer credit profile.
Spinwheel’s real-time consumer credit data and payments platform currently supports more than 15 million users and 165 million connected credit and liability accounts, facilitating over $1.5 trillion in consumer debt across its network.
“Citi is one of the most innovative and trusted financial institutions in the world and their strategic investment aligns closely with our mutual vision to improve the financial outcomes for millions of consumers,” said Tomás Campos, co-founder and CEO of Spinwheel. “Credit is one of the most powerful levers in personal finance for consumers. Yet the infrastructure around the massive amounts of liabilities data is fragmented and outdated. Citi Ventures’ investment and strong strategic support will accelerate our efforts to empower institutions with smarter, real-time credit data to deliver better credit outcomes to consumers than ever before.”
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