Spinwheel is a new loan infrastructure startup that enables Americans to get out of debt faster by embedding loan application, payment, and management into the applications they use the most.
FREMONT, CA: Spinwheel, the platform that lets companies embed consumer debt solutions in their applications, has announced fundraising of $11 million led by QED Investors with participation from Core Innovation Capital, Fika Ventures, and Firebolt Ventures.
Spinwheel is a new loan infrastructure startup that enables Americans to get out of debt faster by embedding loan application, payment, and management into the applications they use the most. Spinwheel seeks to enhance results and shorten the debt lifecycle for both borrowers and their loved ones by - access, preference, and accountability. It has already collaborated with a range of leading brands, and it intends to use its funding to boost distribution, marketing, and new product creation in order to broaden its offering.
Student debt is always the first substantial debt that people incur in their lives. The student debt crisis has hit new heights in 2021, with 45 million students owing a total of $1.71 trillion. Holding this debt, as well as paying it off, is a major source of stress for the nearly 70 Percent of graduates who join the workforce with student debt each year.With student loan debt now the second-highest consumer debt category, behind only mortgage debt, there has never been a more critical time to remove the technical barriers that hinder employers, companies, and other institutions from providing them with simple resources and solutions.
"Student debt is a huge source of strain in this country, and we believe that applying technology to democratize intelligent debt solutions can help alleviate this burden and change the trajectory of peoples' lives," stated co-founder Tomas Campos. "A number of employers, financial institutions and others are starting to see this too, and are increasingly motivated to offer holistic financial solutions that include student debt. We want to make it as easy as possible for apps and services to support people in getting out of debt, so we've built the core infrastructure developers need to embed student loan solutions. Together, we can empower borrowers to understand, plan, monitor, optimize, pay, refinance and actually get out of debt."