Spinwheel Lands $30M Series A to Rewire the $19.5T Consumer Debt Market

Big news in the fintech infrastructure space: Spinwheel, a platform dedicated to transforming the consumer credit ecosystem, has officially closed a $30 million Series A funding round. The round was led by the influential F-Prime Capital, with participation from other big names in fintech investing, including QED Investors, Foundation Capital, and Fika Ventures. This new capital injection is set to accelerate Spinwheel’s mission to bring simplicity and intelligence to the complex world of consumer debt.

The Problem: A Fragmented Financial Picture

The American consumer is managing more debt than ever. U.S. consumer liabilities have surged to $19.5 trillion, and the average person holds between 10 to 14 credit accounts, from student loans and mortgages to credit cards and auto loans. This creates a massive challenge. The infrastructure supporting this debt is fragmented and relies on legacy systems, making it difficult for consumers to manage their finances and for financial institutions to get a clear, real-time picture of a customer's liabilities. This friction leads to high operational costs, poor user experiences, and missed opportunities to help consumers.

Spinwheel’s Solution: Unifying Data and Payments

Spinwheel is tackling this challenge head-on by building the foundational infrastructure for consumer liabilities. The company provides a unified platform that allows financial providers to access real-time, verified credit data and process payments through a simple API.

What makes Spinwheel revolutionary is its proprietary, credential-less technology. It allows an end-user to connect all of their liability accounts using just two pieces of information: their phone number and date of birth. This eliminates the cumbersome and high-friction process of tracking down and entering multiple usernames and passwords. By combining this seamless data aggregation with payment processing capabilities and an "agentic AI" platform, Spinwheel empowers its clients to create streamlined, effective financial products.

Why This Matters for Fintech Marketers

For fintech marketers, Spinwheel’s technology is a powerful tool for customer acquisition and retention. By integrating Spinwheel, financial apps, lenders, and marketplaces can drastically improve their user experience. Imagine offering a balance transfer where a customer can find all their existing credit cards and their real-time balances with just a click, instead of a manual, error-prone process. This is what Spinwheel enables.

By providing a more complete and actionable view of a consumer's debt, Spinwheel allows financial brands to deliver truly personalized and impactful solutions. This helps build stickier products, foster customer loyalty, and ultimately, deliver better financial outcomes. As businesses see improved conversion rates and lower operational costs, they can pass that value directly to the consumer, creating a win-win ecosystem where, as the company says, "all boats rise."

[BankingDive]

Editor’s Note: We are friends with the team at Spinwheel, and they are a supporter and sponsor of The Free Toaster.

Senior Product Manager – Verification Strategy

Location: Remote EST/CST Options Available

Our client is seeking a strategic, execution-focused Senior Product Manager to lead the Verification roadmap for personal loans. You’ll own the end-to-end customer verification experience—from identity and income verification to fraud prevention and document processing—with a focus on streamlining onboarding, reducing fraud risk, and improving conversion and trust.

What You’ll Do

• Own and evolve the verification product strategy (identity, income, employment, bank account, fraud).

• Partner across risk, engineering, design, compliance, and ops to deliver scalable, seamless experiences.

• Identify and eliminate friction in the funnel to improve conversion and funding rates.

• Integrate fraud tools, risk models, and vendor solutions to enhance detection and mitigate risk.

• Evaluate and manage third-party vendors 

• Drive A/B testing and experimentation to optimize KPIs like verification success and time to fund.

• Define and track key product metrics; translate problems into clear product requirements.

What You Bring

• 5+ years in product management

• 2+ years experience working with a personal loan product

• Deep knowledge of KYC, fraud, and customer verification workflows.

• Hands-on experience with verification and fraud detection APIs/tools.

• Understanding of compliance frameworks (e.g., CIP, OFAC) and risk scoring.

• Strong analytical skills; SQL or similar querying skills preferred.

• Technical fluency with financial services APIs and integration flows.

• Excellent communication and stakeholder management skills.

• Experience working in agile product environments.

To learn more or apply, email [email protected] and mention Toaster

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