Earned wage access company, Immediate, has successfully closed a $16 million round of funding, consisting of growth equity and a working capital facility. The new funding will propel Immediate’s growth trajectory in the workplace financial health sector, allowing it to address liquidity challenges faced by employees during unexpected expenses.
Immediate’s platform offers employees the opportunity to access funds when needed, eliminating the need to wait for their next paycheck. The rise of earned wage access has become an essential offering for employers, giving them a competitive edge in staff recruitment and retention. Immediate ensures its service is responsibly structured, fostering financial stability in employees’ lives.
As Immediate enters its fifth year in business, the funding comes at a time when the company experiences significant momentum due to the financial challenges many employees face 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, specializing in fintech investments. Castle Creek Launchpad focuses on partnering with regulated financial institutions, including its 34 community bank limited partners. Joining the funding round were strategic investors such as Georgia-based community bank BankSouth, as well as Bryan Statham and Cynthia Johnson, experienced Birmingham executives. Bryan and Cynthia have actively contributed to Immediate’s growth and success, offering valuable guidance in an advisory capacity.
Immediate has also secured an expanded working capital credit facility from SouthPoint Bank, a prominent financial institution in the southeastern region. The decision to work with SouthPoint Bank was driven by their exceptional products, services, and mission to propel businesses forward.
Ryan Gilbert, Founder and General Partner at Launchpad Capital, expressed enthusiasm for Immediate’s offerings in the Earned Wage Access sector. He believes partnerships with banks will enhance employers’ ability to cater to the needs of the modern workforce, and Launchpad Capital is proud to support Immediate’s strong team and product in this dynamic and expanding market.
Matt Pierce, Immediate’s Founder and CEO, shared his excitement for the new group of investors and the invaluable advisory and industry expertise they bring to the table. As Immediate strives to positively impact the financial well-being of one million American workers by 2025, the funding and support from investors are instrumental in accelerating the company’s growth trajectory. In a volatile economic climate, this funding round serves as a validating indication of Immediate’s position as a leader in the rapidly growing financial wellness market.
In conclusion, Immediate’s successful $16 million funding round underscores the growing demand for earned wage access services and the company’s commitment to enhancing employees’ financial well-being. With a strong team and strategic investors by its side, Immediate is poised to continue making strides in the workplace financial health sector.