The startup develops financial software that enables students to manage and pay their student debt through automated loan payments and interest rate comparisons. By linking accounts and creating financial goals, the platform allows users to reduce their debt with every purchase, simplifying the loan repayment process.
Funding
$3.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many financial applications lack direct access to real-time, verified consumer debt data, creating friction in processes such as balance transfers, debt management, and loan pre-qualification. This often results in manual data entry, increased risk of fraud, and a disjointed user experience.
Solution
Spinwheel provides a suite of debt APIs and low-code modules that enable businesses to access real-time, verified consumer debt data and facilitate debt-related payments. Using just a phone number and birthdate, the platform connects to a consumer's financial accounts, delivering PII, verified account data, and payment processing capabilities across various debt categories. Spinwheel's "1-Click Solutions" streamline processes like balance transfers, debt management, direct pay, and pre-qualification by automating data collection and verification. The platform's APIs surface individualized opportunities and recommended actions after evaluating a consumer's debt and financial goals.
Target Audience
Spinwheel primarily targets fintech companies, lenders, financial institutions, and debt consolidation companies seeking to streamline debt management processes, reduce friction, and improve customer experiences.
Features
- Connect API: Connects to consumer debt accounts using only a phone number and birthdate.
- Optimize API: Identifies individualized opportunities and recommends actions based on a consumer's debt profile and financial goals.
- Pay API: Enables users to pay or pay off any debt in seconds.
- Finance API: Embeds personalized financing opportunities directly into applications.
- 1-Click Balance Transfers: Facilitates highly targeted balance transfer offers with real-time balance visibility.
- 1-Click Debt Management: Provides complete visibility into customer debt and payment profiles for optimized financial health recommendations.
- 1-Click Direct Pay: Enables reliable and easy disbursement of funds to existing debts with real-time balance and account information.
- 1-Click Intake: Automates customer intake by providing 100% verified borrower profiles, debt information, and real-time credit card balances.
- 1-Click Pre-Qual: Pre-qualifies users with immediate access to SSNs, existing tradelines, VINs, credit scores, and real-time credit card balances.