Spinwheel is focused on helping Americans get out of student debt faster and achieve their financial goals. The problems associated with student debt impacts more than 45 million Americans and is growing at 9% CAGR.
Spinwheel's first product is a purpose built payment card & mobile app that helps borrowers pay their debt every time they shop. The card combines the power of credit card rewards, debit card spending limits, rounding up transactions, performance marketing rewards and family network effects. This "found money" is automatically applied to the outstanding debt of the borrower getting them out of debt anywhere from 12 months to 36 months earlier.
Retail participation in Spinwheel makes the impact to the borrowers immense while the retailers build loyalty with this highly coveted demographic.
Spinwheel is positioned to grow with their users, and over time to offer them services that meet their expanding financial needs beyond student debt. The bet is that Spinwheel can become the trusted solution for a cohort with $1.4 trillion in purchasing power by 2020.