Pinwheel today announced that it raised $50M in a Series B round led by GGV Capital, with continued participation from Coatue, First Round Capital, and Upfront Ventures, as well as new investments from strategic partners including AMEX Ventures, Indeed, Kraken Ventures, Franklin Templeton, and more.
“With this latest round so closely following our Series A, we’re poised to rapidly scale and introduce new solutions that will change finance as we know it,” said Kurtis Lin, co-founder, and CEO of Pinwheel. “I’m particularly passionate about addressing the vicious cycle of paycheck-to-paycheck-living that plagues almost 80% of people in the United States, by developing products that will power EWA and dynamic lending opportunities. I look forward to a world where people are proactively offered new terms of payment for a personal loan should they lose their job, or earlier access to their paycheck in a time of crisis instead of facing payday loan sharks.”
Pinwheel offers an easy way to connect to the large and fragmented ecosystem of payroll providers through a single point of connectivity. Banking customers can use us to enable direct deposit switching, an automated way to move paychecks from an existing bank account to a new bank account.
With this funding, Pinwheel plans to triple its headcount to 180 people, with a particular emphasis on engineering roles, to continue work on EWA and to expand into new areas such as tax preparation. Additionally, the company will further its commitment to setting the industry standard for the security of consumer data.
Announcement: Pinwheel Raises $50M for Payroll Connectivity