# Pinwheel

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/pinwheel

- Industry: Software
- Headquarters: New York, US
- Website: www.pinwheelapi.com
- Total disclosed funding: $74M
- Latest round: Series B (Dec 16, 2021)
- Investors on record: 12

## About

Pinwheel, based in the US, offers innovative financial technology solutions designed to improve customer engagement and optimize banking processes for financial institutions.Founded in 2018 by Anish Basu, Curtis Lee, Jamie Morin, Kurtis Lin, and Rebecca Little, Pinwheel is headquartered in New York, US. The company specializes in automating direct deposit and payment management solutions for banks and lenders. In its funding journey, Pinwheel successfully raised USD 46.5 mn in Series B funding on December 16, 2021, led by Granite Asia, with participation from investors including American Express Ventures and Kraken Ventures. The total amount raised by the company to date is USD 46.5 mn, with a current valuation of USD 451.42 mn.Pinwheel provides a range of financial technology solutions, including the Pinwheel Switch Kit for seamless direct deposit account switching and the Bill Navigator for managing recurring payments. Additional tools such as PreMatch and Pinwheel Verify enhance customer onboarding and fraud prevention. Aimed at banks, credit unions, and lenders, these products enable institutions to deliver real-time insights on customer income and streamline account management processes across North America, Europe, and select Asian markets.Pinwheel's revenue model is based on subscription services and transaction fees associated with its core offerings. Financial institutions leveraging the Pinwheel Switch Kit often pay transaction fees or a monthly subscription depending on usage, while additional income can be generated from features like the Bill Navigator. This structure supports enhanced customer retention and engagement, along with opportunities for new revenue through tailored financial products.Following its Series B funding in December 2021, Pinwheel plans to utilize the USD 46.5 mn raised to significantly expand its workforce, aiming to triple its team to 180 employees, focusing heavily on engineering roles. The company intends to enhance its offerings in earned wage access and expand into new areas such as tax preparation. Additionally, Pinwheel is looking to enter new markets to broaden its geographical footprint, though specific target regions and timelines for this expansion have not been disclosed.

## Funding rounds

- Series B, Dec 16, 2021, $47M — Upfront, Granite Asia, First Round Capital, Coatue Management, Indeed, Inc., American Express Ventures, Franklin Templeton, TQ Ventures, Kraken Ventures
- Series A, Jun 2, 2021, $20M — Upfront, First Round Capital, Coatue Management, Primary Ventures, SemperVirens
- Seed, Jun 10, 2020, $7M — Upfront, First Round Capital, Wonder Ventures

## Investors

- Upfront (https://capitalatlas.ai/funds/upfront) — Seed, Series A, Series B
- First Round Capital (https://capitalatlas.ai/funds/first-round-capital) — Seed, Series A, Series B
- Wonder Ventures (https://capitalatlas.ai/funds/wonder-ventures) — Seed
- Coatue Management (https://capitalatlas.ai/funds/coatue-management) — Series A, Series B
- Primary Ventures (https://capitalatlas.ai/funds/primary-ventures) — Series A
- SemperVirens (https://capitalatlas.ai/funds/sempervirens) — Series A
- Granite Asia (https://capitalatlas.ai/funds/granite-asia) — Series B
- Indeed, Inc. — Series B
- American Express Ventures (https://capitalatlas.ai/funds/american-express-ventures) — Series B
- Franklin Templeton (https://capitalatlas.ai/funds/franklin-templeton) — Series B
- TQ Ventures (https://capitalatlas.ai/funds/tq-ventures) — Series B
- Kraken Ventures (https://capitalatlas.ai/funds/kraken-ventures) — Series B