Case Study: Varo transforms direct deposit conversion with Pinwheel PreMatch
Key results
The challenge
Varo Bank, the first nationally chartered consumer tech bank in the U.S., had partnered with Pinwheel since 2021 to enable direct deposit switching via the NativeLink Deposit Switch flow, where users search for their payroll provider and log in without leaving the app. While conversion rates were strong, Varo continued to seek ways to further reduce friction and deliver a best-in-class digital banking experience.
The solution
In April 2025, Varo piloted Pinwheel's PreMatch Deposit Switch experience, which uses information already provided during account opening to proactively identify a user's payroll account. PreMatch lets users bypass the provider-search and login steps, eliminating two major drop-off points in the traditional flow.
The results, in context
Varo reported a 23% lift in direct deposit conversion by eliminating login and provider-search friction. The company noted the result grew its deposit base and reinforced its position as a customer-centric, inclusive bank.