Investment Secured by Spinwheel from Citi Ventures to Speed Up the Evolution of Consumer Credit Landscape
In a strategic move to enhance financial outcomes for consumers, Spinwheel, a leading provider of real-time, verified consumer credit data, has received a significant investment from Citi Ventures.
This investment follows Spinwheel's $30 million Series A round announced in June, and it comes at a time when households in the United States collectively owe more than $18 trillion in debt, with mortgages accounting for over 70% of the total figure.
Tomás Campos, co-founder and CEO of Spinwheel, expressed his excitement about the investment, stating that it aligns with their mutual vision to improve financial outcomes for consumers. He added that Citi's strategic investment will accelerate efforts to empower institutions with smarter, real-time credit data.
Spinwheel's technology streamlines and simplifies user actions, delivering a more complete consumer credit profile. This is particularly important in a context where nearly 12% of people in the United States with credit card debt are delinquent, up from about 6% in 2014. Other common liabilities include credit cards, auto loans, and student loans.
The investment from Citi Ventures will support Spinwheel's go-to-market growth, platform expansion, and product development. Citi Ventures will also advise Spinwheel on product use cases relevant to large financial institutions.
Spinwheel partners with various financial companies to provide its services and currently supports more than 15 million users and 165 million connected credit and liability accounts. Its proprietary technology requires only two data fields - phone number and date of birth - making it user-friendly and accessible.
Through its platform, Spinwheel facilitates over $1.5 trillion in consumer debt across its network. The aim is to deliver better credit outcomes to consumers than ever before.
Investors in Spinwheel include F-Prime, QED Investors, Foundation Capital, Core Innovation Capital, and Fika Ventures, in addition to Citi Ventures.
This investment marks a significant step forward for Spinwheel as they continue to revolutionise the way consumer credit data is accessed and utilised, ultimately helping consumers manage their debt more effectively.
