USA – Pinwheel, a NYC-based provider of a payroll data connectivity platform, raised $50M in a Series B funding round.
The round was led by GGV Capital, with 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.The company intends to use the funds to continue to triple its headcount to 180 people, with a particular emphasis on engineering roles, to continue work on earned wage access (EWA) and to expand into new areas such as tax preparation. Led by Kurtis Lin, co-founder, and CEO, Pinwheel provides an API that allows businesses to securely connect payroll accounts to their applications with consumer permission. By establishing this layer of income connectivity, fintechs, financial institutions, and more can develop new tools or services that provide equitable access to financial services for everyone. Last year, the company received its SOC2 Type 2 compliance.Pinwheel’s data coverage spans nearly 80% of people employed in the United States. The company works closely with its customers including Block (formerly Square), Varo, Lendly, and Daylight.18/01/2022
