How does Pinwheel ensure data quality and how does the platform compare to traditional verification services like Equifax?

A standard income report is going to give you all the high level: This is who Walter is, this is where he works, basic stuff like social security number and date of birth. It includes gross annual income, maybe some net income report and some other like high-level information. If you're talking about underwriting for a mortgage, where you're just zooming out for the big picture, great. If you're talking about revolving credit, or something where you need much more granular information like a short-term installment loan, that’s another thing. It’s an immutable truth that the more data you have, if you understand the consumer better, than you can build them better experiences—and the more you can reduce risk and tailor products accordingly.

What we can do beyond that is to say, I can give you with each pay stub that comes every week, every two weeks, every month, every piece on that pay stub, gross net pay, what are you paying in taxes, what are you paying to Medicare, what are you paying like federal withholdings, all of that stuff we can report on. We can also give you really granular information around time and attendance, like when did this person clock in, when did they clock out. Honestly, is that as helpful for someone on the mortgage site? No. But for most of the other use cases around lending, especially short-term lending, that data's going to be really, really valuable. 

Because that allows you to underwrite in entirely new ways for again, for short-term installment loans, or revolving credit, or personal lending, or for entirely new sectors that are really, really important, like earned wage access. If I want to be able to pay you your paycheck every day, I need certainty that you're actually working that shift and the money is going to come. So, because we have direct access to the time and attendance system, we can see in real time when someone has clocked in and clocked out.

And the moment someone has clocked out, you get a web hook that says, ‘Hey, Walter's clocked out of a shift at Chipotle. He worked eight hours today. This is his hourly rate.’ Then, you can forward him his paycheck with very high confidence that you're going to get the money back. And by the way, because we have the direct deposit, we can also ensure that you get paid back first money out because of that direct deposit access.