Total amount raised
$77 Millions
Latest funding date
1/1/2022
Location
Pinwheel has successfully raised significant funding through multiple investment rounds, with notable investors including Indeed and Franklin Templeton. The platform offers a suite of financial technology solutions aimed at enhancing customer engagement and driving primacy for financial institutions.
Keep reading to explore the intricacies of Pinwheel's fundraising journey and the investors backing this innovative platform.
What Is Pinwheel?
Pinwheel, founded in 2018 by Anish Basu, Curtis Lee, and Kurtis Lin, is a market-leading payroll data connectivity platform. Based in New York, the company aims to build an income layer to power a fairer financial system.
Pinwheel's platform facilitates direct deposit switching, income and employment verification, underwriting, and earned wage access. These solutions help financial institutions enhance customer engagement and drive primacy.
With a team of 51-100 employees, Pinwheel continues to innovate in the financial technology space, providing essential tools for banks and other financial institutions to improve customer activation and conversion rates.
How Much Funding Has Pinwheel Raised?
- Seed Round
- Amount Raised: $7M
- Date: June 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and secure early market traction.
- Series A
- Amount Raised: $20M
- Date: June 2021
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series B
- Amount Raised: $50M
- Date: January 2022
- Lead Investors: GGV Capital
- Valuation at Round: $500M
- Motivation Behind the Round: To triple the headcount, focus on engineering roles, and expand into new areas such as tax preparation.
Total Amount Raised: $77M. Current Valuation: $500M.
Key Investors
- GGV Capital
- Details: GGV Capital is a global venture capital firm managing $9.2 billion in investments. They have offices in Silicon Valley, San Francisco, Singapore, Shanghai, and Beijing.
- Investment Focus Areas: Social/Internet, Enterprise Tech, Smart Tech
- Notable Investments: Airbnb, Alibaba, Slack
- Coatue
- Details: Coatue is a global investment manager focused on technology, media, and telecommunications. They manage both public and private equity funds.
- Investment Focus Areas: Technology, Media, Telecommunications
- Notable Investments: ByteDance, DoorDash, Snap
- First Round Capital
- Details: First Round Capital is an early-stage venture capital firm that focuses on providing seed-stage funding to technology companies. They are known for their hands-on approach with startups.
- Investment Focus Areas: Early-stage Technology Startups
- Notable Investments: Uber, Square, Warby Parker
- Upfront Ventures
- Details: Upfront Ventures is a venture capital firm based in Los Angeles, investing in early-stage technology companies. They have been active for over 20 years.
- Investment Focus Areas: Early-stage Technology Companies
- Notable Investments: Ring, Bird, TrueCar
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization with a presence in over 30 countries. They offer a wide range of investment solutions.
- Investment Focus Areas: Financial Services, Asset Management, Investment Solutions
- Notable Investments: Peloton, Uber, Zoom
What's Next for Pinwheel?
Pinwheel stands at the cusp of significant growth, with opportunities to expand its data coverage and develop new financial tools. The platform's reach, covering nearly 80% of employed Americans, positions it to impact millions through services like earned wage access and tax preparation. This vast potential could attract further investment, enabling Pinwheel to scale its operations and enhance its offerings.
However, the path forward is not without challenges. Ensuring data security and compliance with industry regulations will be critical as the company grows. Additionally, maintaining a competitive edge in the rapidly evolving fintech landscape will require continuous innovation and strategic partnerships.
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