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Pinwheel has a banner year helping banks win primacy and capitalizes on momentum with three new executive hiresPinwheel doubles down on helping banks win primacy by hiring three key executives to drive the next phase of rapid growth and expansion. NEW YORK, Oct. 30, 2023 /PRNewswire/ -- 2023 was a milestone year for Pinwheel, the fintech helping banks win primacy through automated direct deposit switching and instant account funding. The company reached several unique achievements, including key partnerships with companies such as Plaid, marquee customer agreements with Amex and Citizens Bank, and continuous innovation on its Account Primacy solution suite, including the only direct deposit switching offering that covers up to 100% of U.S. working consumers. The culmination of these milestones resulted in millions of deposit switches and a 500% increase in processed transactions over the past year, marking the next major phase of growth for the company and the necessity to hire senior scale operators. Pinwheel hires key executives to support rapid growth, expansion, and an increased direct deposit switching effort. Today, Pinwheel formally welcomes the following executives to is team:
"We're gearing up for a year that is hyperfocused on helping banks achieve their #1 goal, which is primacy, and we've assembled the best team to partner with the world's leading banks on this mission," said Kurtis Lin, co-founder and CEO of Pinwheel. "This team deeply understands the needs of financial institutions and the complex relationships they have with their customers. Primacy starts with deposit switching and instant account funding, but when paired with our advanced data insights, banks can create better, more informed lending opportunities and a fairer financial ecosystem overall." Direct deposit is the backbone of a consumer's financial life. On average, a bank that employs a direct deposit switching product sees a 32% increase in customer lifetime value (LTV). "It's our mission to create a fairer financial system, and there's no better way to do that than by partnering with traditional financial institutions to develop innovative solutions that give customers greater transparency, control, and flexibility over their financial futures," continued Lin. Pinwheel is actively hiring to support its 2024 growth efforts. More details about open roles can be found here. About Pinwheel Pinwheel helps banks win primacy by making switching direct deposits easy. Through exclusive and first-of-its-kind partnerships with payroll providers, Pinwheel can instantly authenticate consumers without credentials. This new product provides best-in-class conversion, greater security, better insights, and a seamless UX for switching direct deposits at the world's leading financial institutions. Pinwheel's platform has enterprise-grade security protocols to power connections to over 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. From that point of connectivity, leading fintechs and financial institutions (such as Block's Cash App, Citizens Bank, Acorns, Credit Karma, and more) leverage us to power direct deposit switching, earned wage access, income & employment verification, and build innovative new products. Pinwheel is trusted and funded with $77M by top-tier investors such as GGV, Coatue, First Round Capital, and more. View original content to download multimedia:https://www.prnewswire.com/news-releases/pinwheel-has-a-banner-year-helping-banks-win-primacy-and-capitalizes-on-momentum-with-three-new-executive-hires-301971831.html SOURCE Pinwheel |