Pinwheel
Also a provider — view Pinwheel’s profile →“Can owning the direct-deposit-switch moment become the entry point for banks and credit unions to win consumer primacy back from the neobanks?”
Founded 2018 by ex-Luxe operators trying to build a pre-tax benefits startup — they pivoted after hitting a wall connecting to payroll systems, deciding the payroll-API primitive itself was the more valuable business. Positioned as 'Plaid for payroll,' Pinwheel became the dominant direct-deposit-switch layer for neobanks (Varo, Block/Cash App, Current). Since 2023 the company has rebranded from a raw payroll API into a 'primacy partner' for banks and credit unions, moving upmarket into community banks and CUs and layering bill switch, income/tax verification, and paycheck-linked lending on top of the deposit switch core.