Instant Financial, a Vancouver, B.C.-based financial technology startup that puts employees in control of accessing their earned pay, closed an $11.4M Series A round of funding.
The round – which brings total funding to date to $15.4M – was led by TTV Capital, with participation from existing investors ITC Partners Fund, Kinetic Ventures and Real Ventures.
The company intends to use the funds to accelerate customer acquisition across sectors, support product innovation and increase its market penetration of the more than 80 million hourly workers in North America.
Led by Steve Barha, CEO, Instant Financial is a financial wellness platform that enables employees to claim a portion of their earned income after every shift without any fees. Employers across the hospitality, retail, manufacturing, construction and healthcare industries benefit from the solution with direct savings and increased employee retention & engagement.
At present, over 275,000 hourly wage employees have access to their pay daily through Instant Financial from employers including Bloomin’ Brands, franchisees of Outback Steakhouse, McDonald’s, Burger King, Taco Bell, and Wendy’s.