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Spinwheel

spinwheel.io

Founded Year

2019

Stage

Incubator/Accelerator | Alive

Total Raised

$11M

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

+20 points in the past 30 days

About Spinwheel

Spinwheel offers a way for users to connect, pay, and manage student debt in a mobile application. It offers an embedded finance solution that enables applications to effectively access rich debt data with continuous account connectivity, directly refinance, automate payments, and intelligently manage debt. The company serves consumers primarily in the United States. It was founded in 2019 and is based in Oakland, California.

Headquarters Location

490 43rd Street Unit 24

Oakland, California, 94609,

United States

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Spinwheel's Products & Differentiators

    Spinwheel Platform

    A platform to connect information about debts (student loans, credit cards, etc.), and apply intelligence and facilitate payments to the loan servicer to improve borrower outcomes, accessible via APIs.

Expert Collections containing Spinwheel

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Spinwheel is included in 2 Expert Collections, including Fintech.

F

Fintech

7,565 items

US-based companies

D

Digital Lending

1,711 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.

Latest Spinwheel News

Spinwheel Launches Spinwheel CRED, a New Personal Loan and Credit Card Bundled Suite to Help Borrowers Tackle Debt

Oct 20, 2022

October 20, 2022 09:00 AM Eastern Daylight Time OAKLAND, Calif.--( BUSINESS WIRE )-- Spinwheel , the leading intelligent embedded debt platform, today launched Spinwheel CRED, holistic solutions combining Credit + Personal Loans, Real-time debt payoff, Embedded financing, and Data insights. This new personal loan and credit card bundled suite is designed to put borrowers back in the driver’s seat when it comes to debt management. In recognition of challenging economic times for many and a potential looming recession, the new offering makes it easier to pay off debt across categories. This follows on the heels of the launch of Spinwheel CARES , the company’s newest student debt API solution created to help financial services and apps prepare customers for the end of the student loan payment pause. With real-time debt payoff, embedded financing, and data insights, Spinwheel offers the only comprehensive debt management platform that improves outcomes for companies and borrowers. “The personal debt crisis is only going to grow as many people have already tapped their savings and are now facing higher interest rates for personal loans and cards. Our goal is to simplify debt management to reduce personal debt and prevent a more serious financial crisis,” said Spinwheel CEO and co-founder Tomás Campos. “Spinwheel continues to innovate and make it easy for companies to embed debt management solutions and provide an in-demand service for their customers.” Credit card debt exceeded $887 billion for Americans in the second quarter of 2022 while personal loan debt has skyrocketed to a new record of nearly $178 billion in unsecured personal loan balances. The new bundled suite from Spinwheel attacks credit card and personal loan debt by: Getting the best rates: Inflation has been a double whammy for debt accumulation because rising prices cause consumers to put more expenses onto their credit card while the Fed is fighting inflation through increased interest rates. The average rate today for new credit card offers is 21.4%. Spinwheel pulls consumers out of this downward debt spiral by finding rates that are lower by 12% or more. Making payments on time: The number of credit card users who are at least 30 days late with their credit card payment has increased for three straight quarters. Carrying a balance beyond its due date makes it increasingly hard to manage debt as interest charges get more expensive. By simplifying direct payments of credit card balances Spinwheel provides the necessary tools to eliminate debt delinquency and get consumers back on track. Enabling precision payments: Borrowers average four different credit cards per person with different balances and APRs. Spinwheel ensures that debt is paid off optimally to minimize interest owed as well as providing improved visibility into account data with increased financial literacy and confidence for customers. Optimize Credit Utilization: Spinwheel improves credit scores by helping consumers manage credit cards and revolving debt optimization. Refinancing credit card debt and paying it down helps keep credit card utilization below 30%. If a borrower has a lot of credit card debt their credit score can be negatively impacted if utilization goes higher than that. Spinwheel also helps borrowers avoid cards going dormant. ABOUT SPINWHEEL Spinwheel makes it easy for Americans to make smarter debt decisions and take action through a combination of data, intelligence, management and payments. Their debt API and no code drop-in modules enable fintechs, banks, personal financial management tools, employee benefit providers, and loyalty platforms to quickly create a seamless experience for their customers within their existing applications. Spinwheel is headquartered in Oakland, California, and co-founded by Tomas Campos and Tushar Vaish in 2019. For more information, find us at Spinwheel , LinkedIn , or on our Developer Portal . Contacts

Spinwheel Web Traffic

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Spinwheel Frequently Asked Questions (FAQ)

  • When was Spinwheel founded?

    Spinwheel was founded in 2019.

  • Where is Spinwheel's headquarters?

    Spinwheel's headquarters is located at 490 43rd Street, Oakland.

  • What is Spinwheel's latest funding round?

    Spinwheel's latest funding round is Incubator/Accelerator.

  • How much did Spinwheel raise?

    Spinwheel raised a total of $11M.

  • Who are the investors of Spinwheel?

    Investors of Spinwheel include Plug and Play Accelerator, QED Investors, Core Innovation Capital, Firebolt Ventures and Fika Ventures.

  • Who are Spinwheel's competitors?

    Competitors of Spinwheel include Method Financial and 2 more.

  • What products does Spinwheel offer?

    Spinwheel's products include Spinwheel Platform and 2 more.

Compare Spinwheel to Competitors

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Method Financial

Method financial was founded in 2021. It is a financial services platform. The platform Offers debt repayment, mortgage underwriting, money transfer, and more financial services. It caters to personal finance, financial services, mortgage originators, and more. It is based in Austin Texas.

Teller Logo
Teller

Teller provides an API for bank accounts. It enables applications to connect with all of the user's bank accounts across institutions, providing one API to move money, make payments, view transactions, and more. Teller provides a suite of APIs allowing the user to not only build applications that can read data from bank accounts but also applications that perform write operations, e.g. making payments.

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ndgit

ndgit offers a lending middleware API platform that connects banks and insurance companies for digital finance, lending services, and commerce. It is based in Munich, Germany.

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Fidel API

Fidel API is a global financial infrastructure platform that enables developers to build programmable experiences connected with real-time payment events from a user’s card. Startups through global enterprises are leveraging Fidel API’s tools to power a range of solutions including digital receipts, customer attribution, loyalty and rewards, expense management, and personal financial management. Launched in 2018, Fidel API is headquartered in London, with offices in Lisbon, New York, and remote employees globally.

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Akoya

Akoya provides a data delivery platform that offers financial institutions a service that empowers their consumers to grant and revoke third party access to their financial data in a safe, secure and transparent manner. Akoya facilitates this access while eliminating the need for consumers to share their user IDs and passwords.

Pinwheel Logo
Pinwheel

Pinwheel is building an API layer for payroll data that aims to handle everything from income and employee verification to easily switching and managing direct deposit.

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