Full-Time
Posted on 10/1/2025
Automates direct-deposit switching and income verification
$180k - $220k/yr
New York, NY, USA
In Person
Pinwheel provides a fintech platform that automates financial processes for banks, lenders, and crypto companies through APIs. Its Deposit Switch automatically redirects customers’ direct deposits to make the client the primary financial institution, helping deepen relationships and increase profitability, while it also surfaces earnings insights from payroll and time-tracking data to tailor offerings. The platform automates tax-form retrieval and offers income and employment verification to support underwriting, risk management, and tenant screening. By bundling payroll, tax, and employment data with automation, Pinwheel helps financial institutions become the primary partner for their customers and grow lifetime value.
Company Size
51-200
Company Stage
Series B
Total Funding
$77M
Headquarters
New York City, New York
Founded
2018
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Health Insurance
Dental Insurance
Vision Insurance
Life Insurance
Disability Insurance
Unlimited Paid Time Off
Paid Parental Leave
401(k) Retirement Plan
Mentorship Program
Pet Insurance
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.
Pinwheel, a fintech specialising in account activation solutions, has launched its Switch Kit with Varo Bank, combining direct deposit switching with bill payment management. The solution emerged from beta testing throughout 2025 after Pinwheel announced development of its bill solution suite in late 2024. During a three-month pilot, 40% of Varo users who linked external accounts proceeded to switch at least one recurring bill, transitioning an average of two bills to their Varo account. Varo, the first nationally chartered all-digital US consumer bank, has used Pinwheel's deposit switch technology since 2021. The Switch Kit addresses consumers' primary concerns about switching banks: direct deposit transitions and missing critical payments. Varo reports that customers using Pinwheel maintain higher account balances and demonstrate greater engagement.
Pinwheel has announced a new strategic partnership with Fauna & Flora, one of the world's leading nature conservation organisations.
Pinwheel has teamed up with nCino, integrating its Direct Deposit Switching (DDS) service into nCino's Consumer Banking Solution.
Pinwheel, a FinTech that helps financial institutions, has announced a partnership with Lumin Digital (Lumin), a future-ready and cloud-native digital banking solution.