Instant Financial has secured $11.4m in its Series A funding round to support customer acquisition plans.
The investment was led by Georgia-based VC firm TTV Capital, which will also serve as a strategic partner. Other participants to the round included existing backers ITC Partners Fund, Kinetic Ventures and Real Ventures. This funding round brings the company’s total funding efforts up to $15.4m.
Founded in 2015, the Canadian company lets employees get instant access to their pay, helping to boost employee retention. The app works with a business’ payroll system to give employees daily pay, track expenses, transfer money to a bank account and withdraw cash from select ATMs.
Currently the platform has over 275,000 users to its platform with workers from companies including Outback Steakhouse, McDonald’s, Burger King, Taco Bell and Wendy’s.
Capital from the series will be used to aid customer acquisition across sectors, product development and boost overall market penetration.
Instant Financial CEO Steve Barha said, “Our mission at Instant is to empower millions of hourly workers by putting employees in control of accessing their pay, while significantly improving employee retention & engagement for their employers. Adding TTV Capital as a partner and the additional capital from this funding round will fuel our rapid growth and allow us to continue our product innovation.”
TTV has already led two other FinTech transactions this year, having supported marketing and big data company Micronotes’ Series B and personal finance platform for children Greenlight Financial with its $16m Series A.
The firm closed its fourth investment vehicle on $93m last year, twice the size of it predecessor.
DailyPay, a fellow platform giving employees real-time access to wages, closed a $9m Series B round from firms including Intercept Ventures and RPM Ventures.
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