This establishes a more symbiotic relationship between consumers and financial services. Similarly, Pinwheel's technology can also be applied to other scenarios such as lending evaluations, and more. When met with an immediate financial need, a person now has an option that can actually maintain or improve their credit by avoiding high-interest-rate payday loans or credit cards. This data can be used to enable offerings such as earned wage access (EWA), whereby a person can receive their money as soon as they've earned it, bypassing the waiting period for a paycheck. This breadth of data solves the missing income link, ushering in the next generation of equality-focused fintech innovation.įor example, Pinwheel provides real-time data about a person's income, and uniquely covers not just scheduled direct deposits for salaried employees but also hourly clock-ins, most accurately showcasing any type of income. This is the industry's most comprehensive level of data, from traditional forms of income and work via payroll systems for the top 500 employers, to a burgeoning ecosystem of less traditional income and work such as gig and creator economy platforms.
Pinwheel's market-leading data coverage spans nearly 80% of people employed in the United States. While income and employment status are the key determining factors in all financial decisions, these pieces of information have not been easily accessible, making it impossible to tailor financial services offerings to a person's specific financial situation.
By establishing this layer of income connectivity, fintechs, financial institutions, and more can develop new tools or services that provide equitable access to financial services for everyone, including the 67% of Americans who are considered to be financially unhealthy. Pinwheel's 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. 18, 2022 /PRNewswire/ - Pinwheel, today announced that it raised $50M in a Series B round led by GGV Capital, with continued 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. © Copyright of Globes Publisher Itonut (1983) Ltd.NEW YORK, Jan. Published by Globes, Israel business news - en.il - on May 27, 2021 Snappy’s clients also have access to real-time recipient feedback and gift insights to help understand the impact of their programs. The platform can be integrated with human resources platforms to trigger automated gift sends for occasions like employees birthdays or work anniversaries. Snappy's platform offers gifts from top brands and retailers, picked using a proprietary gift-trends algorithm and real-time stock availability. Companies in the US spend more than $125 billion on gifts for both employees and customers, with a further $375 billion spent by individuals. Snappy is headquartered in New York with its development center in Tel Aviv. Our goal is to become the go-to global gifting hub for anyone who wants to send a gift." Part of our success is our focus on the fun of the experience and creating magical moments that will surprise and delight recipients. Goldstein said, "Our customers are looking for innovative and effective ways to show appreciation for their employees in an increasingly digital world. The company says that revenue has grown 800% over the past year. Snappy has over 1,000 enterprise customers including Microsoft, Adobe, Comcast, and Uber, and has sent more than 1 million gifts in the last six months alone.
The company, which was founded in 2015 by CEO Hani Goldstein and Dvir Cohen, has developed a gifting platform to make it simple to digitally send personal gifts. Israeli corporate gift co Snappy raises $10m
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