Alabama-based fintech start-up Immediate, which provides an earned wage access solution to enhance employees’ financial wellness and break cycles of debt, has secured $16 million in its latest funding round for growth.
Facts
- Immediate raised $16 million in its latest funding round, consisting of growth equity and an expanded credit facility.
- The equity funding was led by Castle Creek Launchpad, managed jointly by Castle Creek Capital and Launchpad Capital. It also involved participation from Georgia-based community bank BankSouth and local angel investors Bryan Statham and Cynthia Johnson, who will serve as advisors to the firm.
- The expanded working capital credit facility was provided by Alabama-based SouthPoint Bank.
- Immediate, founded in 2018, offers an earned wage access solution to help employees access funds immediately for unexpected expenses without waiting for their next paycheck.
- The company’s technology integrates with employers’ payroll systems, enabling same-day and next-day bank transfers and direct earnings deposits to a debit card.
- Immediate highlights the increasing expectation for earned wage access among US employers due to the challenging economic climate, which places strains on employees’ finances.
- Immediate’s founder and CEO, Matt Pierce, aims to positively impact the financial well-being of 1 million American workers by 2025.
