Overview

Pinwheel provides a platform that simplifies financial processes for banks, lenders, and cryptocurrency companies. Its main product, Deposit Switch, automates the switching of direct deposits, allowing clients to become the primary financial institution for their customers. This increases profitability and customer loyalty. The platform also offers insights into customer earnings from payroll and attendance systems, which can help in creating personalized financial products. Additionally, Pinwheel automates tax form retrieval and income verification, aiding in risk management and improving lending practices. Unlike competitors, Pinwheel focuses on automating manual tasks and providing actionable insights to enhance the financial health of end customers. The goal is to streamline financial operations and improve the overall customer experience.

Simplify's Take

What believers are saying

• Pinwheel's partnership with Lumin Digital strengthens its position in digital banking.
• Rising demand for earned wage access solutions aligns with Pinwheel's payroll integration capabilities.
• Pinwheel's recent $77 million funding boosts its growth and innovation potential.

What critics are saying

• Increased competition from Plaid threatens Pinwheel's market share in payroll data services.
• Reliance on fintech partnerships exposes Pinwheel to risks from partners' financial difficulties.
• Rapid expansion may lead to operational challenges and pressure to maintain service quality.

What makes Pinwheel unique

• Pinwheel is the only provider CRA compliant with the Fair Credit Reporting Act.
• Pinwheel covers over 1,400 platforms, reaching nearly 80% of US paycheck recipients.
• Pinwheel automates direct deposit switching, enhancing customer lifetime value for financial institutions.

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Funding

Total Funding

$74.9M

Above

Industry Average

Funded Over

3 Rounds

Notable Investors:

Coatue ManagementFirst Round Capital

Notable Investors:

Coatue ManagementFirst Round Capital

$50,000,000

Series B

Jan 2022

Series B funding is typically for startups that have proven their business model and need more funding to expand rapidly—often by entering new markets or adding more products. Investors are usually venture capital firms that specialize in later-stage investments.

Series B Funding Comparison

Above Average

Industry standards

Ind Avg. $35M

$4M

$30M

$45M

$50M

$65M

$100M

View all funding stages