Pinwheel, a payroll connectivity platform, has raised $50m in a Series B round led by GGV Capital.
The round also saw 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.
Pinwheel said its mission is to help create a fairer financial system by providing an API that makes it easy for businesses to securely connect payroll accounts to their applications with consumer permission.
By establishing this layer of income connectivity, Pinwheel said FinTechs, financial institutions, and more can develop new tools or services that provide equitable access to financial services for everyone, including, the company added, the 67% of Americans who are considered to be financially unhealthy.
Pinwheel raised $20m in its Series A funding round in June 2021, led by Coatue. With this latest round of funding, Pinwheel said it plans to triple its headcount to 180 people, with a particular emphasis on engineering roles, to continue work on EWA and to expand into new areas such as tax preparation.
Additionally, the company will further its commitment to setting the industry standard for the security of consumer data. Last year, Pinwheel received its SOC2 Type 2 compliance. Not only is Pinwheel the only payroll data provider to have a CISO, but it is also the only company that handles both direct deposit switching and the provision of payroll data to be a Consumer Reporting Agency (CRA) compliant with the Fair Credit Reporting Act (FCRA).
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