Immediate, a Birmingham, Alabam-based earned wage access company, raised $16m in funding.
These funds, split between growth equity and a working capital facility, will enable the company to accelerate its growth in the workplace financial health sector.
The round was led by Castle Creek Launchpad, with participation from BankSouth, and Birmingham executives Bryan Statham and Cynthia Johnson. The expanded working capital credit facility was provided by SouthPoint Bank.
Led by Matt Pierce, Founder and CEO, Immediate solves liquidity challenges for employees facing unexpected expenses by allowing them to access funds when needed, without waiting for their next paycheck. With time tracking and payroll integrations, same-day and next-day bank transfers, and the ability to put earnings directly on a debit card, Immediate is working to improve financial wellness and eliminate cycles of debt for employees by allowing access to their hard-earned wages when they need it most.
FinSMEs
25/07/2023