Spinwheel, a company specializing in agentic AI-powered credit data and payments, has announced a strategic investment from Citi Ventures to support its market expansion, enhance its AI platform, and develop new data sets and product offerings.

Citi Ventures will also provide advisory support to Spinwheel, focusing on product use cases relevant to large financial institutions. This investment follows Spinwheel’s $30 million Series A funding round, which was announced in June. Other existing investors include F-Prime, QED Investors, Foundation Capital, Core Innovation Capital, and Fika Ventures.

The investment comes amid a period of increasing consumer debt in the United States, where households collectively owe over $18 trillion, marking a nearly 30% increase since 2020. Mortgages constitute more than 70% of this total, with credit cards, auto loans, and student loans making up other significant liabilities. Data indicates that managing this debt is becoming more challenging for consumers, with nearly 12% of individuals carrying credit card debt now delinquent, an increase from approximately 6% in 2014.

Arvind Purushotham, Head of Citi Ventures, commented on the investment, stating, “Spinwheel is rewiring how real-time credit data can be combined with payments infrastructure to manage consumer credit, and this aligns closely with Citi Ventures’ vision for the future of finance.” He added, “We assessed the credit data landscape as part of our due diligence, and Spinwheel’s innovative platform is a leader in how U.

S. consumer credit information is accessed and managed. As a strategic investor on behalf of Citi, we are excited to support Spinwheel’s strategy and look forward to working with them to help shape the future of consumer credit.”Spinwheel partners with various financial entities, including lenders, marketplaces, and personal financial management platforms. The company provides real-time, verified consumer credit data to facilitate payments, integrating these services into clients’ existing workflows and operations via APIs. Established in 2019, Spinwheel’s proprietary, credential-less technology simplifies user interaction by requiring only a phone number and date of birth, which it uses to deliver a comprehensive consumer credit profile.

Currently, Spinwheel’s real-time consumer credit data and payments platform supports over 15 million users and 165 million connected credit and liability accounts, facilitating more than $1.5 trillion in consumer debt across its network. Tomás Campos, co-founder and CEO of Spinwheel, remarked, “Citi is one of the most innovative and trusted financial institutions in the world and their strategic investment aligns closely with our mutual vision to improve the financial outcomes for millions of consumers.” He further stated, “Credit is one of the most powerful levers in personal finance for consumers. Yet the infrastructure around the massive amounts of liabilities data is fragmented and outdated. Citi Ventures’ investment and strong strategic support will accelerate our efforts to empower institutions with smarter, real-time credit data to deliver better credit outcomes to consumers than ever before.”