Pinwheel, an infrastructure platform for lenders to access payroll data, has raised USD 50 million in Series B funding led by GGV Capital, with participation from Coatue, First Round Capital, Upfront Ventures, AMEX Ventures, and Indeed, among others. The funding comes seven months after it raised USD 20 million in Series A funding, and brings the company’s total funds raised up to USD 77 million.
The funds will be used in almost tripling its workforce (to 180 employees), primarily in engineering roles, and expanding into new verticals, such as tax preparation.
The company’s annual recurring revenue (ARR) reportedly rose 177x in 2021.
Pinwheel offers an API-based infrastructure platform for financial institutions and FinTechs to access payroll-related data to enhance loan underwriting, to offer innovative lending products (such as earned wage access [EWA] and paycheck-linked loans). Pinwheel uses information on employment, income (including hourly clock-ins and salaries), and paystubs to streamline income and employment verification. Pinwheel also lets users update direct deposits through the platform.
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