Immediate has raised $13 million in Series B funding led by BankTech Ventures, with participation from Castle Creek Launchpad, BankSouth and new and existing investors.
Alongside the equity financing, Immediate also expanded its existing working capital facility with Always.bank, providing additional capacity to support continued growth.
The funding will support Immediate’s expansion from an employer-focused earned wage access platform into a broader financial infrastructure company serving employers, banks and credit unions.
Immediate plans to use the capital to accelerate product development, expand strategic distribution partnerships, grow its employer business and further develop its private-label Embedded EWA platform for financial institutions.
Founded in 2019, Immediate provides earned wage access and financial wellness tools designed to give workers access to income they have already earned before their traditional payday.
The company’s platform also supports off-cycle payments, digital tips, paycards and private-label direct-to-consumer earned wage access.
Immediate currently supports more than 625 employers nationwide and integrates with payroll, human capital management and workforce management systems.
The company has also recently launched with two of the largest enterprise organizations in the U.S., reflecting growing demand from large employers seeking additional liquidity and financial wellness tools for their workforces.
Immediate is simultaneously expanding beyond employer-sponsored earned wage access through its private-label Embedded EWA platform.
The product is designed to enable banks and credit unions to provide short-term liquidity directly through their own digital channels while maintaining the financial institution’s relationship with the customer.
Immediate believes banks can use the platform to compete more effectively with fintech companies offering flexible liquidity products while strengthening customer engagement, increasing account primacy and keeping deposits and transaction activity within the banking ecosystem.
BankTech Ventures’ investment also gives Immediate access to relationships across its network of more than 120 bank limited partners.
The company expects those relationships to support adoption of its financial institution offering while creating additional opportunities for distribution and partnerships.
The Series B gives Immediate additional resources to scale both sides of its business as it builds a broader platform connecting employers, employees and financial institutions around liquidity and financial wellness.
KEY QUOTES:
“Over the last several years, we’ve built enterprise-grade infrastructure that powers earned wage access for employers and employees at scale. This funding allows us to continue investing in our core employer business while accelerating our work with financial institutions. We believe the next phase of earned wage access will extend beyond the workplace, and we’re excited to help banks and credit unions bring these capabilities directly to their customers while remaining at the center of the financial relationship.”
Matt Pierce, Founder and CEO of Immediate
“Immediate has built a strong reputation as a trusted provider of earned wage access and financial wellness solutions, supporting hundreds of employers nationwide. As we evaluated the company’s future direction, we were particularly excited by the opportunity to help financial institutions deliver innovative liquidity and financial wellness products directly to their customers. We believe Immediate is uniquely positioned to connect employers, employees, and financial institutions, and we’re excited to support the team as they continue to execute on that vision.”
Carey Ransom, Managing Director of BankTech Ventures
