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NEW YORK, Feb. 3, 2026 - Pinwheel, the fintech helping banks win primacy with frictionless account activation and engagement experiences, announced today that its groundbreaking Switch Kit solution is now powering Varo Bank's digital onboarding experience.
Pinwheel first announced the development of its bill solution suite in late 2024, as it sought to complement its industry-leading deposit switch solution with the powerful bill switching and management tools needed by banks to effectively acquire customers and drive conversion to prime accounts. Throughout 2025, Pinwheel beta tested a variety of bill identification, switching, and payment management features to arrive at an optimized solution that benefits banks and their customers alike.
Long-time Pinwheel customer Varo Bank, the first nationally chartered all-digital consumer bank in the U.S. and recognized as one of the Inc. 5000's 2025 fastest growth companies, has served as a design partner for Pinwheel through multiple innovative breakthroughs. This includes the invention of PreMatch and the development of its new Switch Kit. Varo's onboarding journey has been powered by Pinwheel Deposit Switch since 2021. The bank, which also offers lending, credit-building, and fee-free banking, piloted Pinwheel's new Bill Switch technology on a test customer segment in late 2025. By simplifying bill consolidation and payment into one simple experience, Varo continues to raise the bar on its comprehensive, low-cost financial solutions designed for everyday Americans.
During the 3 month pilot of Pinwheel Bill Switch, Varo observed that 40% of users who linked external accounts to auto-identify recurring bills then proceeded to switch at least one of the identified bills. On average, bill switchers transitioned at least two recurring bills to be paid from their Varo account.
"We have been fortunate to partner with Pinwheel on continuously delivering a cutting edge digital banking experience for Varo's customers," said Claudia Richter, General Manager of Savings and Deposits for Varo Bank. "Having a delightfully simple account activation journey has been core to our strategy, with deposit and bill switching being key drivers of profitability. Varo customers who use Pinwheel to switch direct deposit and recurring bills hold higher account balances, make higher dollar value transactions, and become our most engaged and highest LTV customers over time."
Pinwheel's groundbreaking Switch Kit combines the industry's top performing Direct Deposit Switch solution with a powerfully simple user experience that eliminates friction associated with switching recurring bill payments. The Switch Kit is the industry's first solution to comprehensively solve pain points associated with account activation for consumers. Risks associated with transitioning direct deposits and missing critical payments due to funds availability are the top concerns consumers state that prevent them from switching to a better bank. By combining direct deposit and bill switching at account opening, Pinwheel's Switch Kit enables institutions to unseat legacy banking relationships and become their new customer's primary account on day one.
Similarly to how Pinwheel Deposit Switch proactively identifies active payroll records and surfaces them for 2-click switching, Pinwheel Bill Switch connects consumers' external payment accounts and instantly identifies all major recurring bill payments to switch. Consumers are able to easily review upcoming due dates and select when to switch each bill's payment source to their new account - all without leaving their new bank's app experience. These features together empower customers with the transparency and control needed to confidently transition their primary banking relationship without fear of payment disruption.
"Varo has cracked the code on what the modern customer expects from their financial provider - definitively proving that having the largest branch network is no longer a winning strategy," said Jaimeson Rice, Pinwheel's CEO. "The fastest growing digital banks understand that today's discerning customer prioritizes a flawless account opening and onboarding experience—one that sets the stage for convenient, frictionless, value-added services. Pinwheel's Switch Kit is a game changer, dramatically accelerating the most coveted sticky consumer behaviors proven to lead to bank account primacy."
Pinwheel Switch Kit is now available for rapid deployment on most banking technology platforms. To find out how your financial institution can participate, Contact Us
About Pinwheel
Pinwheel helps banks, CUs and fintechs win primacy by delivering frictionless digital experiences. Our industry leading Switch Kit, enabling instant deposit and bill switching at account opening, delivers 30% more switches than any competitive solution. Through our proprietary network covering 1,800 payroll providers, 1.5 million employers, and thousands of merchants, Pinwheel connects financial institutions to real-time, source of truth income, employment, deposits and payments data - so banks can deliver personalized services that help customers better manage their complete financial lives. Pinwheel is the provider of choice for some of the world's most innovative financial providers, including Varo Bank, MoneyLion, Acorns and many more. Pinwheel has raised $77M from top-tier investors such as Notable, Coatue, First Round Capital, Upfront and more.
About Varo Bank
Varo Bank is the first nationally chartered all-digital consumer bank in the U.S., built from the ground up with a focus on the needs of everyday Americans. From credit building to savings to faster payments, Varo has a complete solution to help people make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering one of the nation's highest APYs. Varo has been named as one of the Inc. 5000's 2025 fastest growth companies in the U.S., CNBC's 2023-2025 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram, TikTok, and X @varobank. ©2025 Varo Bank, N.A. Member FDIC.
Content originally appeared on PR Newswire.
