Immediate, an earned wage access company, announced today a $16 million round of funding.
These funds, split between growth equity and a working capital facility, will enable Immediate to accelerate its growth trajectory in the workplace financial health sector.
Immediate solves liquidity challenges for employees facing unexpected expenses by allowing them to access funds when needed, without waiting for their next paycheck. Earned wage access has become a growing expectation for employers, giving them substantial advantages in staff recruitment and retention. Immediate structures its offering responsibly to create financial stability in the lives of employees.
This funding comes as Immediate enters its fifth year in business, and reflects on the growing momentum the company is experiencing due to employees’ increased financial challenges amidst the current economic climate.
The funding round was led by Castle Creek Launchpad, a joint fund managed by Castle Creek Capital and Launchpad Capital that invests in fintech companies that are transforming financial services through partnerships with regulated financial institutions, including the fund’s 34 community bank limited partners. Also participating in the funding round were strategic investors including BankSouth, a Georgia-based community bank, and Birmingham executives Bryan Statham and Cynthia Johnson. Bryan and Cynthia have experience implementing high growth strategies within early-stage companies and have quickly contributed to the growth and success of Immediate by serving in a hands-on advisory capacity to the business.
The expanded working capital credit facility was provided by SouthPoint Bank, a leading southeastern financial institution. Immediate was drawn to SouthPoint Bank’s exceptional products, services, and their mission to point businesses forward.
“Immediate stands out in Earned Wage Access with a well designed offering that lets employees manage their lives and employers run their businesses. Partnerships with banks will help employers better address the needs of a modern workforce. We’re excited to back a strong team and product in this vital and growing market,“ said Ryan Gilbert, Founder and General Partner at Launchpad Capital.
“As Immediate continues to make progress towards our mission of positively impacting the financial well-being of 1 million American workers by 2025, we recognize the need to surround ourselves with investors who have scaled companies to the heights we expect to achieve. We could not be more excited about this group of investors, who are not only providing Immediate with funding, but also with invaluable advisory and industry expertise that will undoubtedly expedite the growth trajectory of our company.
The future is bright for Immediate and this round of funding - especially in a volatile economic climate - is a validating indication that we are well-positioned as a leader in the rapidly growing financial wellness market,” said Matt Pierce, Immediate Founder and CEO.