Pinwheel

Financial technology platform for automating deposits

New York City, New York, United States

About Pinwheel

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, which can lead to increased profitability. The platform also offers insights into customer earnings from payroll and attendance systems, enabling tailored financial products. Additionally, Pinwheel automates tax form retrieval and income verification, helping clients manage lending risks and improve underwriting. Unlike competitors, Pinwheel focuses on automating manual tasks and providing actionable insights to enhance financial health. The goal is to improve the financial services experience for both clients and their customers.

New York City, New YorkHeadquarters
2018Year Founded
$74.9MTotal Funding
SERIES_BCompany Stage
Fintech, Financial ServicesIndustries
51-200Employees

Benefits

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

Risks

Increased competition from Plaid could lead to pricing pressure and reduced market share.
Rapid expansion and significant funding rounds may lead to overvaluation and strategic missteps.
Launch of Smart Branch may face adoption challenges with traditional banks.

Differentiation

Pinwheel is the only provider CRA compliant with the Fair Credit Reporting Act.
Pinwheel connects to over 1,400 payroll platforms, covering 80% of US paycheck recipients.
Pinwheel's Deposit Switch product automates direct deposit switching, increasing customer lifetime value.

Upsides

Growing interest in consumer-permissioned data access aligns with Pinwheel's business model.
Rising adoption of digital banking solutions benefits Pinwheel's partnerships with platforms like Lumin Digital.
Expansion of earned wage access services supports Pinwheel's flexible payroll options.