New York FinTech Pinwheel has raised £37 million to power a ‘fairer financial future’.

The scaleup is building what it terms the income data layer for financial services. 

Income and employment status are the key determining factors in all financial decisions, yet these pieces of information have not been easily accessible, making it impossible to tailor financial services offerings to a person’s specific financial situation. 

Pinwheel is aiming to solve that. Its coverage includes more than 1,400 platforms, ranging from traditional payroll providers to unemployment benefits and gig or creator platforms.

It is not limited to salaried paychecks, but also individual hourly clock-ins. It already covers nearly 80% of people in the United States.

It says this is critical to the development of tools and services that can help the large populations of financially unhealthy and unbanked people. 

The Series B round was led by GGV Capital, with participation from existing investors Coatue, First Round Capital, Upfront Ventures, and new investors Company Ventures, Franklin Templeton, Indeed, Kraken Ventures and TQ Ventures.

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