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Spinwheel: The Connective Tissue for Credit Data
- Open finance allows consumers and financial service providers to access financial data through APIs for better financial decision-making.
- Data aggregators play a crucial role in delivering timely and comprehensive consumer financial data in the open finance landscape.
- While open finance provides access to financial assets, information on debts and liabilities remains less accessible.
- Consumer debt market in the US is substantial, with $19 trillion in outstanding liabilities reported by the Federal Reserve.
- Americans are set to originate 134 million consumer loans in various categories by 2025, according to Equifax data.
- Consumer debt is a significant source of stress for many American households.
- Data on consumer debts is scattered across loan providers with legacy tech stacks, hindering comprehensive visibility.
- Consumers need nuanced, granular, and real-time data on debts to manage them effectively.
- Consumers are eager to budget, manage debt, and improve credit scores, creating a demand for credit-monitoring tools.
- Spinwheel, an API for consumer liability data, aims to provide comprehensive insights into consumer debts.
- Spinwheel offers direct integrations to collect permissioned consumer liability data with high coverage and accuracy.
- F-Prime has invested $30 million in Spinwheel's Series A to support their efforts in the financial infrastructure space.
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