The company’s Series A round will help Spinwheel accelerate the development of its agentic artificial intelligence capabilities, according to a Monday (June 23) press release.
“Today, the consumer credit ecosystem is buckling under the weight of legacy systems,” the release said. “U.S. consumer liabilities have reached $19.5 trillion, which is up from $13.3 trillion just a decade ago. Additionally, the average American holds between 10 to 14 credit accounts. Despite the scale, the infrastructure supporting credit data access and payments remains fragmented, slow and riddled with friction for financial institutions, while consumers are left juggling multiple logins and outdated information.”
Spinwheel was designed to create a “unified infrastructure layer that simplifies how liabilities are accessed, activated and resolved,” per the release.
The company collaborates with lenders, marketplaces, personal financial management platforms, and other financial companies to deliver real-time, verified consumer credit data to process payments as part of their clients’ workflow and operations using APIs, the release said.
Spinwheel’s technology requires two data fields — phone number and date of birth — offering a more complete consumer credit profile, according to the release.
“Spinwheel is tackling one of the most complex and consequential frontiers in financial data: real-time consumer liabilities,” David Jegen, managing partner at F-Prime, which led the funding round, said in the release. “While open banking has largely focused on assets, there is a large opportunity in mapping the full liability picture across credit cards, mortgages, student loans and more.”
Thredd Chief Technology Officer Edwin Poot told PYMNTS in an interview posted this week that banks and FinTechs are embracing agentic AI to pioneer intelligent transaction orchestration, going beyond traditional automation to capture improved efficiency and customer experience.
“This shift aims to redefine how financial institutions issue and manage cards, optimize real-time decisions and combat sophisticated fraud, charting a course toward a more responsive financial ecosystem,” PYMNTS wrote.
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