Birmingham-based FinTech firm Immediate raised $15.5m in a fresh capital raise to help more employees overcome the challenges and burdens of financial stress through elective access to earned pay.
Split between growth equity and working capital, the fundraise involved a diverse group of investors including Rockledge Capital.
The cash injection will be used to continue its accelerated growth path in the coming years.
Immediate aims to improve the financial wellbeing of its users by providing better access to earned wages, working directly with employers. It is geared towards breaking people out of a cycle of high debt, living paycheck to paycheck and relying on predatory lenders.
Commenting on the round, Immediate founder and CEO Matt Pierce said, “We could not be more excited about the impact this funding will allow us to create.
“We have proven the value of our solution to both partners and the market at large, and Immediate is now poised to continue accelerating towards our mission to positively affect the financial well-being of one million Americans over the next three years.”
Highlighting the importance of better financial health for employees, spokesperson from Rockledge Capital said, “It’s becoming clearer than ever that financial support and wellness tools like Immediate are in demand, and poised to become more common across employers.”
This injection of funding comes as Immediate enters its third year in business. The company continues to boast of a growing user base and partnerships with companies such as Visa, The Bancorp, WellRx among others.
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