US-based Pinwheel, a payroll provider connectivity startup that connects payroll providers and makes it easier for companies to connect payroll accounts securely to their applications, raised USD 50 million on 20th January 2022.
Investors: The investment round was led by GGV Capital, alongside existing investors Coatue, First Round Capital, Upfront Ventures, and new investors Company Ventures, Franklin Templeton, Indeed, Kraken Ventures, and TQ Ventures.
Purpose of funding: Using the funding, the startup plans to recruit fresh talent for engineering positions, continue the development of EWA, and expand into new areas such as tax preparation. In addition, the company will continue to be committed to setting industry standards to protect consumer data.
Founded in 2018 by Anish Basu, Curtis Lee, Kurt Lin, Pinwheel is located in New York, US. Pinwheel is a payroll provider connectivity startup that connects payroll providers and makes it easier for companies to connect payroll accounts securely to their applications. The startup handles all aspects of paying employees and filing employment taxes. Since income and employment status are the key determining factors in all financial decisions. The information needed to tailor financial services to each individual has been difficult to gather. The startup’s solution addresses the missing income link, a first in fintech innovation focused on equal opportunity.
Furthermore, fintech and financial institutions can increase their customer acquisition and retention rates using Pinwheel. Block (formerly Square), Varo, Lendly, and Daylight are companies Pinwheel works with to create a more equitable financial system.
What the founder has to say
“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 at 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 early access to their paycheck in a time of crisis instead of facing payday loan sharks.”
What the investor has to say
“Pinwheel’s API unlocks the power of the income layer, driving the next wave of innovation in the fintech ecosystem,” said Tiffany Luck at GGV Capital.
“Pinwheel can impact every American that receives a paycheck. This immense opportunity, coupled with the company’s mission to build a fairer financial system, uniquely positions Pinwheel to reshape so many people’s financial lives positively. We are proud to partner with them on this journey.”
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