Robinhood Uses Pinwheel to Cut Direct Deposit Inactivity Rates

Robinhood Banking customers will have a more frictionless direct deposit onboarding experience. This follows the selection of Pinwheel Deposit Switch and its PreMatch technology by Robinhood. PreMatch automatically identifies and surfaces active payroll accounts after Multi-Factor Authentication. Users no longer need to search for payroll providers or provide usernames and payroll passwords, credentials which many consumers do not know or lack access to. This removes a friction point in account onboarding. Users convert to a successful direct deposit switch at a 2X higher conversion rate than legacy solutions, addressing an industry-wide 40% inactivity rate after first funding.