Does Check's status as an embedded payroll provider and data API pose a threat to Pinwheel's strategy of long-tail payroll unbundling?

The short answer is no. In fact, I see them largely as additive to the ecosystem, because you have to remember, the supply side of our business is the ADPs of the world. That's who your Check and other companies are competing with, those embedded payroll companies. Those are partners that we can also broker data partnerships with. 

What we're aggregating is supply as well as demand. The value prop to someone on the supply side is, “Hey, you don't want to go and connect with a thousand different financial services companies. And then by the way, also make sense of all the data for them, that's what we do. But you have data that we need. So, let's broker our partnership. And every time we use data that you have, let's figure out a way to make this appealing for you.”’