Spinwheel, an Oakland, CA-based platform that lets companies embed consumer debt solutions in their applications, raised $11m in funding.
The round was led by QED Investors with participation from Core Innovation Capital, Fika Ventures, and Firebolt Ventures.
The company intends to use the funds to accelerate sales, marketing and new product development that will expand its offering.
Founded by Tomas Campos and Tushar Vaish in 2019, Spinwheel is a modern loan infrastructure startup for Americans to get out of debt sooner by making it possible to embed the application, payment and management of loans into the apps people use the most.
The company’s APIs serve as the infrastructure that powers their partners’ lending, student debt management, and other real-world financial situations. Spinwheel’s drop-in, customizable modules can be implemented in under one hour, allowing businesses to almost immediately begin addressing their users’ needs more quickly and effectively.