In the first quarter of 2025, total household debt in the United States reached $18.20 trillion (a $167 billion increase from the prior quarter).
Yet the infrastructure to manage and pay down these obligations is still relying on outdated login-based systems and incomplete data. For financial institutions and fintech platforms, the result is high user friction and dropoffs.
Spinwheel, with $30 million in fresh Series A funding, led by F-Prime Capital with participation from QED Investors, Foundation Capital, and Fika Ventures, wants to solve this pain point by accelerating development of its real-time credit data and payments platform. At the center of its offering: credentialless identity verification, powerful APIs, and an agentic AI system that automates the most time-consuming aspects of debt resolution and management.
With CEO and co-founder Tomás Campos at the helm, the company initially focused on streamlining student loan repayment but quickly expanded to support the broader consumer debt landscape, from mortgages to credit cards to buy now, pay later plans. “Credit has become a roadblock for too many people,” Campos wrote in a letter announcing the funding round. “It isn’t delivering on its promise for consumers or businesses alike.”
Spinwheel’s platform now connects more than 165 million accounts across over 15 million users, representing $1.5 trillion in consumer liabilities. It’s been used to process more than 50 million AI-driven transactions, and over the past 18 months, revenue has grown 760%.
APIs, Agents, and Automation
What distinguishes Spinwheel from legacy financial data providers is its combination of real-time credit data access and payments automation, delivered through an API infrastructure built for plug-and-play integration. With a phone number and date of birth, financial apps and platforms can use Spinwheel’s tools relying on manual authentication.
Campos argues that traditional credential-based methods are not only clunky, but also unreliable. “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,” he told Axios.
Spinwheel’s approach to identity verification helps reduce user drop-off, speeds up onboarding, and improves the completeness of financial data available to institutions. Behind the scenes, its agentic AI automates the interpretation, normalization, and activation of fragmented credit data. This includes reconciling disparate sources, identifying repayment options, and surfacing actions that can directly improve a user’s financial position.
This makes the company functionally closer to an infrastructure layer, combining the account aggregation capabilities of Plaid with embedded payments functionality similar to Stripe’s. But Spinwheel is applying that model to liabilities, a data domain that has traditionally lagged behind in terms of integration and usability.
Real-World Use and Strategic Partnerships
Earlier this year, the company announced a strategic integration with Oscilar, a Palo Alto-based AI risk decisioning platform. The collaboration combines Spinwheel’s real-time credit APIs with Oscilar’s machine-learning decision engine, enabling lenders to automate both data collection and risk assessment in a single flow. The goal is to power smarter lending and repayment workflows across a variety of financial services, from fraud detection to credit underwriting.
Use cases include automatic debt reconciliation, repayment scheduling, risk-adjusted loan offers, and real-time borrower feedback loops, all driven by the continuous stream of AI-analyzed data.
Importantly, Spinwheel’s infrastructure meets bank-grade security standards, and its systems are designed to preserve user privacy even as access to sensitive financial data becomes more seamless.
Riding the Wave of Verticalized Agentic AI
Spinwheel’s rapid rise is part of a shift toward verticalized, agentic platforms built around specific domain expertise. Rather than developing general-purpose models, companies like Spinwheel are embedding AI into tightly scoped, high-value workflows: ones that deliver immediate utility and monetizable outcomes.
The company’s AI agents take action. They reconcile debts, automate payments, and support compliance tasks in real time. For financial providers and fintech platforms navigating rising operational costs and regulatory complexity, these capabilities can translate into material gains.
With its latest funding, Spinwheel plans to double down on its agentic AI foundation, expand into non-traditional data sources, and further build out its go-to-market organization. If it succeeds, it may emerge as a necessary infrastructure company for debt-centric financial services.
