Staff report
YOUNGSTOWN Spinwheel, a Youngstown Business Incubator portfolio company, has secured $11 million in new funding to grow its consumer debt management platform, starting with student loan debt.
The funding, announced Monday, was led by QED Investors with participation from Core Innovation Capital, Fika Ventures and Firebolt Ventures, according to a press release.
It will help the company develop software to embed loan management tools into the apps used most by people. In addition, the funding will go toward scaling the company’s product roadmap and doubling its team to six over the next six months. It also will enable the company to expand to other debt categories, including credit card, auto and mortgage in the next year, according to Spinwheel.
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.
   I had made a follow up meeting with Rio Arriba County Manager Tomas Campos and Economic Development Director Chris Madrid at 11:30 a.m., May 3 to talk about three issues that we had worked on together for the past three years to plan the next two years of activity.
   They included 1) developing a strategic plan for Rio Arriba County based on creating good jobs and gathering a group of about 25 leaders in our Valley to make this happen; 2) a workshop for both acequias and mutual domestic water systems to help these small governments get ready for new infrastructure money; and 3) a workshop on Capital Outlay projects so that all funds are used in the time allotted.
Spinwheel Announces $11M in New Capital for Consumer Debt API Infrastructure Platform to Better Manage and Pay Consumer Debt within Applications
QED Leads Investment to First Improve Student Debt Solutions
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OAKLAND, Calif., May 7, 2021 /PRNewswire/
Spinwheel, the platform that lets companies embed consumer debt solutions in their applications, today disclosed fundraising of $11 million led by QED Investors with participation from Core Innovation Capital, Fika Ventures, and Firebolt Ventures.
Spinwheel is a modern loan infrastructure startup that helps Americans 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. By increasing access, choice, and transparency, Spinwheel aims to improve outcomes and shorten the debt lifecycle for all borrowers and their loved ones. It has already partnered with a number of leading brands, and plans to use its funding to acce