“And so came the idea for Pinwheel, an API layer for payroll data that handles everything from income and employee verification to easily switching and managing direct deposit. The company officially came out of stealth today and announced that it has raised a $7 million seed round from Josh Kopelman at First Round Capital and Greg Bettinelli at Upfront Ventures, who will both join the company’s board. Like any API platform, there are a range of users and data that they want to connect to. For consumers, the main draw is automated direct deposit control, which will allow consumers to control where their paychecks go.”