Pinwheel, a fintech specialising in account activation solutions, has announced an integration of its Switch Kit with MeridianLink's platform. The integration enables financial institutions to embed direct deposit and bill switching capabilities into their digital account onboarding processes. Switch Kit combines Pinwheel's PreMatch technology, which allows users to initiate direct deposit switches without entering payroll credentials, with bill switching features. According to Pinwheel, 64% of users who receive the PreMatch prompt complete a direct deposit switch through a one-time passcode. The solution aims to help financial institutions convert new accounts into primary banking relationships from the start. MeridianLink provides digital lending and account opening platforms for approximately 1,500 financial institutions. Pinwheel previously raised $77 million from investors including Notable, Coatue, and First Round Capital.

Pinwheel, a fintech specialising in frictionless account activation, has been selected as the direct deposit launch partner for Robinhood Banking. Robinhood chose Pinwheel Deposit Switch for its PreMatch technology, which enables near-instant direct deposit enrolment during account opening. The technology addresses a significant industry challenge, where 40% of accounts remain inactive after first funding. Pinwheel's PreMatch automatically identifies and surfaces active payroll accounts for switching after multi-factor authentication, achieving double the conversion rate of legacy solutions. Invented in 2023, PreMatch eliminates the need for users to manually search for payroll providers or enter separate credentials. Pinwheel's network covers 1,800 payroll providers and 1.5 million employers. The company has raised $77 million from investors including Notable, Coatue and First Round Capital.