Pinwheel

What Pinwheel does

Pinwheel is a payroll-data connectivity platform that provides APIs enabling financial institutions, fintechs, lenders, and neobanks to read, verify, and act on payroll information. The company was founded in 2018 and is headquartered in New York, operating with a headcount of 51-100 employees. Its core technology stack consists of direct integrations with more than 1,800 payroll platforms and 40+ time-and-attendance systems, providing coverage of 100% of US workers paid via direct deposit, on top of which the company layers its proprietary PreMatch credential-less deposit-switching technology and the Switch Kit onboarding bundle.

The product portfolio spans Deposit Switch, Bill Switch, Bill Manager/Navigator, Verify (income and employment verification), Connected Accounts (real-time financial data), Taxes (payroll tax form retrieval), Pay by Paycheck (paycheck-linked lending), Earned Wage Access, and SafeLink. The company holds SOC 2 Type 2, ISO 27001, and FCRA compliance, and is certified to PCI DSS Level 2 — credentials required for sale into regulated bank and credit-union procurement cycles. Distribution is anchored by pre-integration into dominant digital banking platforms including Jack Henry, Q2, Alkami, MeridianLink, Lumin, Blend, and Bank Joy, supplemented by channel partnerships with MANTL, nCino, and the Q2 Partner Accelerator Program.

The business model is B2B API licensing on a recurring subscription/usage basis, sold to enterprise customers that include Robinhood, Visa, Current, Varo Bank, MoneyLion, Discover, KeyBank, Intuit, Credit Karma, Acorns, DoorDash, OnePay, Nubank, Upstart, Bolt, and Citizens. The company has raised approximately $70 million in disclosed venture funding, with Coatue leading the Series A and Notable Capital leading the Series B. Co-founder Kurtis Lin serves as CEO, co-founder Anish Basu as CTO, and Curtis Lee as Chairman of the Board.

Name

Pinwheel

Legal name

Pinwheel HQ, Inc.

Website

https://pinwheelapi.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

51–100 employees

Short description

Pinwheel is a payroll-data connectivity API platform serving banks, credit unions, lenders, and fintechs. It enables direct deposit switching, bill management, and income verification via integrations with 1,800+ payroll platforms covering 100% of US workers paid via direct deposit.

Ownership category

akta.pro rank

Product category

Payroll Connectivity Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Payroll Services (541214)

akta.pro industry

PRIMARYFSAGACAE

Income & Employment Verification (VOI/VOE, payroll-linked data)

Financial & Insurance/Financial Technology (Fintech)/Open Banking & Data Aggregation

SECONDARYFSAGABAN

Payouts, Disbursements & Mass Payments Infrastructure

Financial & Insurance/Financial Technology (Fintech)/Payment Orchestration & Fintech Infrastructure (APIs, Issuing, Processing)

SECONDARYFSAGABAF

Tokenization, Network Vaults & Credential Management

Financial & Insurance/Financial Technology (Fintech)/Payment Orchestration & Fintech Infrastructure (APIs, Issuing, Processing)

Keywords

• Payroll connectivity API
• Direct deposit switching
• Income verification services
• Bill payment switching
• Financial data infrastructure

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. API Access/Platform Licensing: Pinwheel generates revenue through API access fees and platform licensing, providing payroll connectivity infrastructure to financial institutions and fintech companies. The company integrates with 1,800+ payroll platforms enabling direct deposit switching, income verification, and bill management services.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

Pinwheel is a payroll data connectivity API platform that enables banks, credit unions, fintechs, and lenders to access consumer payroll, employment, and income data. Its products power direct deposit switching, bill payment switching, subscription management, income verification, and paycheck-linked lending through integrations with 1,800+ payroll platforms covering 100% of US workers paid via direct deposit. The company's flagship PreMatch technology provides credential-less authentication that achieves 2X better conversion rates than legacy deposit switching solutions.

Product overview

Pinwheel is a payroll connectivity platform offering a suite of API-based products designed to help financial institutions win customer primacy through deposit switching, bill management, and income verification. The platform architecture consists of core products (Deposit Switch, Bill Switch, Verify) that integrate via API, supplemented by add-on modules (Bill Manager/Navigator, Connected Accounts, Taxes, Pay by Paycheck, Earned Wage Access) and specialized features (Switch Kit, PreMatch, SafeLink). The flagship PreMatch technology provides 100% credential-less authentication achieving 2x better conversion rates, while Switch Kit combines deposit and bill switching for onboarding primacy. The platform integrates with 1,800+ payroll platforms covering 100% of US workers paid via direct deposit, serving neobanks, fintechs, banks, credit unions, and lenders.

Differentiator

Problem solved

Functional benefit

Brands

• PreMatch: Credential-less direct deposit switching technology that achieves 2x conversion rates compared to legacy solutions.
• Switch Kit
• Bill Navigator
• Bill Manager

Products and services

• Deposit Switch
• Bill Switch API that helps financial institutions and fintechs switch consumers' recurring bill payments from legacy banks to new accounts, capturing recurring payment relationships and improving customer primacy.
• Bill Manager Subscription and bill management tool that enables banks and fintechs to offer customers the ability to view, manage, switch, and cancel recurring subscription payments within their banking apps, boosting engagement and primacy.
• Verify Income verification API that verifies identity, employment, income, and credentials through payroll data connections. Enables lenders and fintechs to automate underwriting and employment verification.
• Connected Accounts Monitors real-time income, investments, and payments data through payroll and account connections to provide ongoing visibility into customers' financial lives, enabling personalized banking experiences.
• Taxes (Payroll Tax API) Payroll tax API that retrieves users' tax forms directly from payroll systems, enabling automated tax document access and compliance for financial institutions and consumers.
• Switch Kit Onboarding solution that captures deposits and bill payments during account opening, designed to win customer primacy day one by combining deposit switch and bill switch capabilities. Reports 30% more deposit switches than any other provider and 80% more accurate auto-detection of recurring bills, with 50% of identified recurring bills switched within 45 days.
• PreMatch 100% credential-less direct deposit switching solution that enables near-instant direct deposit enrollment during account opening without requiring users to manually enter payroll credentials, achieving 2X better conversion rates and 2.2X more enrollments versus legacy solutions.
• Pay by Paycheck Solution that enables lenders to underwrite and repay loans directly from the source of income, allowing paycheck-linked lending with loans and repayments facilitated from paychecks.
• Earned Wage Access Gives employees real-time access to wages they have already earned through payroll connectivity, enabling financial wellness products and earned wage access programs.

Quantifiable outcome

• 2X higher direct deposit conversion rates with PreMatch technology
• +9 more outcomes

Named customers30 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

Feature8 records

Partnerships

20 partnerships are on record, tiered core and flagship.

• NarmicoreTechnology or Integration · 30 June 2026Narmi and Pinwheel expanded partnership with Switch Kit integration for enhanced account onboarding capabilities.
• RobinhoodcoreTechnology or Integration · 14 April 2026Pinwheel selected as direct deposit launch partner for Robinhood Banking, powering the platform's deposit switching capabilities through its PreMatch technology. PreMatch enables near-instant direct deposit enrollment during account opening and achieves 2X higher conversion rates than legacy solutions, addressing the industry's 40% post-funding inactivity rate.
• VisaflagshipStrategic or Co-development Partner · 26 March 2026Visa launched Enhanced Subscription Manager within its Digital Issuer Solutions platform, developed in collaboration with Pinwheel. The service enables consumers to view, manage, switch, and cancel recurring subscription payments via banking apps. Pinwheel enables payment switching and cancellation for over 100 merchants. Service available in North America in summer 2026 with expansion plans to Latin America and the Caribbean.
• Varo BankcoreTechnology or Integration · 3 February 2026Pinwheel announced that its Switch Kit solution is now powering Varo Bank's digital onboarding experience. The solution increased the rate of bill switching among users and is designed to improve account activation and customer engagement.
• PerpaycoreTechnology or Integration · 19 August 2025Pinwheel powers Pay by Paycheck for Perpay, enabling paycheck-linked lending and direct deposit conversion improvements.
• nCinocoreTechnology or Integration · 8 May 2025Pinwheel partnered with nCino to offer Direct Deposit Switching solution that simplifies the account activation process for banks and credit unions, significantly enhancing customer experience and boosting deposit switch rates.
• Q2coreTechnology or Integration · 25 April 2025Pinwheel integrated with Q2's Digital Banking Platform through the Q2 Partner Accelerator Program, enabling financial institutions to access Pinwheel's payroll data network covering 1,800 platforms and up to 100% of US workers paid via direct deposit. Banks and credit unions can provide 1-click deposit switching within the account onboarding journey.
• MoneyLioncoreTechnology or Integration · 19 March 2025Pinwheel partners with MoneyLion to power Direct Deposit Switching, delivering a more seamless and effective direct deposit switching experience.
• MANTLcoreChannel Partner/ Reseller/ Distributor · 20 November 2024MANTL, an account origination provider, named Pinwheel as its preferred partner for direct deposit switching, integrating Pinwheel's PreMatch technology into MANTL's account opening flow. Pinwheel's credential-less solution eliminates the need for consumers to manually enter payroll credentials. Customers using PreMatch have seen conversion rates improve by as much as 200%.
• CandescentcoreTechnology or Integration · 30 October 2024Pinwheel and Candescent launched Direct Deposit Switching partnership, enabling financial institutions using Candescent's digital banking platform to offer seamless deposit switching capabilities.
• Jack HenrycoreTechnology or Integration · 18 January 2024New Jack Henry partnership makes it easier for community banks to take advantage of Pinwheel through the Jack Henry platform.
• QuickBookscoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network, part of 1,800+ payroll platforms covered.
• SAPcoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network.
• WorkdaycoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network.
• DayforcecoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network.
• ADPcoreTechnology or IntegrationMajor payroll provider integrated with Pinwheel's network, part of 1,800+ payroll platforms covered.
• PaychexcoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network. PreMatch coverage expanded to 45 million Americans through Paychex partnership.
• OneSourcecoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network.
• PaycorecoreTechnology or IntegrationPayroll provider integrated with Pinwheel's network.
• Square's Cash AppcoreTechnology or IntegrationMajor fintech platform integrated with Pinwheel's payroll connectivity, serving over 70% of paid Americans.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Truework: Truework offers an income and employment verification network serving lenders, banks, and consumers. Directly comparable to Pinwheel's Verify product for VOI/VOE and lending decisioning workflows.
• Atomic: Atomic provides payroll connectivity APIs for direct deposit switching, income verification, and bill pay, serving neobanks, lenders, and earned wage access providers. Highly comparable to Pinwheel on product surface and customer base (fintechs, lenders, EWA providers).
• MX Technologies: MX provides a financial data platform with bank aggregation, money management, and account verification APIs serving banks, credit unions, and fintechs. Comparable to Pinwheel in serving financial institutions with data connectivity APIs and personalization use cases.
• Argyle: Argyle is a payroll connectivity platform offering direct deposit switching, income verification, and employment data APIs to banks, lenders, and fintechs. The closest head-to-head competitor to Pinwheel on direct deposit switching and credential-based payroll access.
• Plaid: Plaid is the dominant US fintech data connectivity platform, providing bank account linking, income verification, and asset data APIs to thousands of fintechs and lenders. Like Pinwheel, it sells API infrastructure to financial institutions and fintechs; the two increasingly overlap in income/employment verification and deposit switching-adjacent workflows.
• Finch: Finch is an employer API platform providing unified access to payroll, HR, and benefits systems for fintechs and benefits platforms. Comparable to Pinwheel on the payroll connectivity layer, with a broader employer systems focus.

Broad incumbents

• Yodlee: Yodlee, owned by Envestnet, is a long-established financial data aggregation platform serving banks and fintechs. Overlaps with Pinwheel in account aggregation, data connectivity, and personal financial management data feeds, though with a much broader enterprise focus.
• The Work Number (Equifax): The Work Number is Equifax's employment and income verification database, serving lenders, employers, and government agencies. The dominant incumbent in VOI/VOE that Pinwheel's Verify product competes against, particularly for traditional lender and large employer workflows.
• Finicity (Mastercard): Finicity, acquired by Mastercard, provides financial data aggregation, income verification (VOI/VOE), and cash flow underwriting APIs. Directly comparable to Pinwheel's Verify product and broader financial data connectivity offering, with the additional backing of Mastercard's issuing and open banking franchises.

Emerging players

• Akoya: Akoya is a financial data access network backed by major US banks and Mastercard, enabling secure consumer-permissioned data sharing. Comparable to Pinwheel in the open banking/data connectivity layer, with a stronger institutional ownership structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pinwheelapi
• LinkedInlinkedin.com/company/pinwheelhq

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds4 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pinwheel