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.
#SNAPPY 70M SERIES GGV SERIES#
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. showcases cards from over 100 brands.NEW YORK, Jan. In separate news, InComm Payments has rolled out a digital gift card mall that lets customers select and send gift cards through e-mail. Tung said the company is a “natural fit for our portfolio” and that it is “emerging as a clear leader in this category.” New York-based Snappy, which was established in 2015, employs 130 individuals throughout four nations. GGV Capital Managing Partner Hans Tung will become part of Snappy’s board as part of the round.
According to the announcement, Snappy’s platform provides gifts from “top brands and retailers.” With Snappy's approach, the recipient can select the gift prior to delivery.
However, Snappy says that gift-giving isn’t an effective process, with more than $100 billion in returns processed annually in the U.S. Our goal is to become the go-to global gifting hub for anyone who wants to send a gift,” Goldstein said.įirms domestically spend over $125 billion on gifts for staffers and clients, while consumers spend an additional $375 billion. “Part of our success is our focus on the fun of the experience and creating magical moments that will surprise and delight recipients.
Snappy will use the infusion to invest in its workforce and “innovation” as it grows into more segments and markets, looks into acquisitions and “continues to redefine the category,” the news release stated.ĭvir Cohen and Hani Goldstein, Snappy’s co-founders, set out to develop a gifting platform that would surmount the challenges of sending personal gifts in a “simple, fun and stress-free way,” the announcement said. GGV Capital headed up the newest investment, which saw the participation of current investors Hearst Ventures, Saban Ventures and 83North, according to a Wednesday (May 26) announcement. Snappy, an eCommerce gifting platform, wrapped up a $70 million Series C funding round, bringing the firm’s overall funding to in excess of $100 million.
0 kommentar(er)
