- Financial wellness company Immediate announced recently that it raised a $15.5 million round of funding. These are the details.
Financial wellness company Immediate announced recently that it raised a $15.5 million round of funding from a diverse group of investors. This round of funding – which reflects growing confidence in the expanding potential of the company – was split between growth equity and a working capital facility, thus allowing Immediate to better serve its growing user community. The company plans to use the funding to continue on its accelerated growth path in the coming years.
How does Immediate work? Immediate partners with employers to provide their employees with wages that have been earned but not paid whenever they are needed. And with seamless time tracking and payroll integrations, same-day, and next-day bank transfers, and the ability to put earnings directly on a debit card, Immediate is working to improve financial wellness and eliminate cycles of debt for employees by allowing them to access their hard-earned wages.
This round of funding comes as Immediate enters its third year in business and reflects the growing momentum the company is creating. And with a growing user base and partnerships with companies including Visa, The Bancorp, WellRx, etc., Immediate’s earned wage access solution is helping more employees overcome the challenges and burdens of financial stress through elective access to earned pay.
KEY QUOTES:
“It’s becoming clearer than ever that financial support and wellness tools like Immediate are in demand, and poised to become more common across employers. I’m excited that our group of investors were able to lead this round of funding and we look forward to Immediate being the next great company to come out of Birmingham.”
— Matt Lyons of Rockledge Capital
“We could not be more excited about the impact this funding will allow us to create. We have proven the value of our solution to both partners and the market at large, and Immediate is now poised to continue accelerating towards our mission to positively affect the financial well-being of one million Americans over the next three years.”
— Matt Pierce, Immediate founder and CEO
