Immediate Expands with New Series B Funding
Immediate, a company focused on providing earned wage access and flexible payroll solutions to enhance financial wellness, has successfully raised $13 million in a Series B funding round. The round was led by BankTech Ventures, with additional participation from Castle Creek Launchpad and BankSouth. The company is headquartered in Birmingham, Alabama, United States.
Strategic Use of Funds
Immediate plans to utilize the new funding to broaden its scope from primarily serving employers to becoming a comprehensive financial infrastructure provider. The company aims to accelerate product development, expand strategic distribution partnerships, and enhance its employer business. A significant focus will be on advancing its private-label Embedded Earned Wage Access (EWA) platform, which allows banks and credit unions to offer short-term liquidity directly through their digital channels.
Enhancing Financial Solutions
Founded in 2019, Immediate enables workers to access wages they have already earned ahead of traditional paydays. The platform also supports features such as off-cycle payments, digital tips, and paycards, catering to over 625 employers nationwide. Recent partnerships with major enterprise organizations highlight the growing demand for the company's solutions.
The new capital will help Immediate further develop its offerings for financial institutions. This includes providing banks with tools to compete with fintech companies by offering flexible liquidity products while maintaining customer relationships and increasing account activity.
Leadership and Growth
Immediate is led by Founder and CEO Matt Pierce and Co-Founder & CTO Jason G. The leadership team is focused on leveraging the new investment to scale the company's operations and extend its market reach. With the backing of BankTech Ventures and its network of over 120 bank limited partners, Immediate expects to enhance adoption of its financial solutions among financial institutions.
By expanding its working capital facility with Always.bank, Immediate is also poised to support its continued growth and meet the increasing demand for its financial wellness tools.