Pinwheel offers a suite of APIs that enable credential‑less direct deposit and bill payment switching, income verification, and real‑time financial data connectivity for digital banks and fintech platforms. By integrating directly with over 17,000 payroll providers and thousands of merchants, its solutions automate payroll identification and recurring payment transfers, delivering up to double the conversion rates of legacy methods and faster funding for new accounts.
Funding
$50M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
9ONCFounders
Product
Problem
Financial institutions struggle to acquire and retain primary banking relationships because switching direct deposits and recurring bill payments is frictionful, requiring manual credential entry and causing low conversion rates and delayed funding.
Solution
Pinwheel provides a suite of APIs that enable credential‑less direct deposit switching, bill payment switching, income verification, and real‑time financial data connectivity. By leveraging direct integrations with over 17,000 payroll providers, Pinwheel can instantly identify a user’s payroll record using existing bank account information, verify identity and income, and automatically transfer the full paycheck to the new account. The platform offers multiple switch methods—including PreMatch (credential‑less), NativeLink (device‑enabled authentication), and Forms (pre‑filled for exceptions)—to cover 100% of U.S. payroll scenarios. Bill switching adds one‑click ACH and card‑on‑file transfers for over 100 common merchants and automated detection of thousands of recurring payments. All data is delivered via secure, real‑time APIs that feed into a unified digital‑banking view, allowing banks to personalize offers, monitor deposit allocations, and drive cross‑sell opportunities.
Target Audience
Primary customers are digital banks, credit unions, and fintech platforms that need to streamline account opening, increase direct‑deposit enrollment, and manage recurring payments to improve customer primacy.
Features
- 100% credential‑less direct deposit switch using real‑time payroll data (PreMatch) with up to 2× higher conversion
- Device‑enabled authentication (NativeLink) that leverages saved passwords or biometrics for secure payroll access
- Pre‑filled exception forms (Forms) ensuring 100% coverage for non‑automated scenarios
- One‑click bill switching for 100+ merchants and guided switching for 1,000+ additional billers with 80%+ detection accuracy
- Real‑time income and employment verification via a single API, delivering identity, employment, and compensation data
- Connected Accounts dashboard providing a 360° view of customers’ external financial relationships and recurring payments
- API security with industry‑standard controls and a dedicated Chief Information Security Officer
- Rapid implementation (30‑day rollout) and fast new‑account funding (up to 65% faster)