Innovation in the financial services and banking industries in the US has often been stymied by legacy banks creating artificial moats. Open Banking adoption lags in the United States as compared to the EU but regulations in the EU are forcing US financial services providers to embrace facets of Open Banking in order to remain competitive and do business with European companies and citizens. Open Banking ultimately gives the consumer or customer more control over access to their financial data. Pinwheel is a payroll API connectivity platform that allows payroll data to be made accessible for a variety of use cases. For example, with Pinwheel, payroll account switching can be done in a fraction of the time it took previously. The platform also allows for seamless verification of employment and income data and payroll-linked lending. As the US moves towards further opening up Open Banking, Pinwheel is there to power any payroll-related innovations. AlleyWatch caught up with Cofounder and CEO Kurtis Lin to learn more about how Pinwheel empowers consumers through payroll connectivity and ownership of their payroll data, the company’s strategic plans, latest round of funding from investors that include Coatue, Primary Venture Partners, SemperfirsVirens, First Round Capital, and Upfront Ventures.
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