Earned wage access FinTech Immediate bags $16m in a growth round

Based in Birmingham, Alabama, Immediate, an innovative FinTech company specialising in earned wage access, announced a successful round of growth funding.

The company raised a remarkable $16m in this latest round. Leading the investors was Castle Creek Launchpad, a joint fund managed by Castle Creek Capital and Launchpad Capital that dedicates its resources to investing in transformative FinTech companies.

Alongside them, strategic investors also made contributions, including Georgia’s community bank, BankSouth, and Birmingham executives Bryan Statham and Cynthia Johnson. A significant portion of the capital was also provided by SouthPoint Bank.

At the heart of Immediate’s operation is an aim to address liquidity issues faced by employees in times of sudden financial needs.

By giving workers access to their earned wages without having to wait for the next pay cycle, Immediate is creating a robust solution to a growing problem. With this approach, employers can gain significant advantages in staff recruitment and retention, with Immediate providing a structure that promotes financial stability for employees.

With this freshly acquired $16m, Immediate plans to propel its growth in the workplace financial health sector. The focus is to accelerate the momentum the company has been building over the past five years, especially considering the rising financial challenges faced by employees in the current economic climate.

The round of funding was not just about capital; it was about strategic partnerships. The involvement of SouthPoint Bank was a crucial factor in Immediate’s decision-making process. The bank’s exceptional products, services, and mission to propel businesses forward resonated with Immediate’s own mission and vision.

Launchpad Capital Founder and General Partner, Ryan Gilbert, expressed his enthusiasm about the partnership, stating, “Immediate stands out in Earned Wage Access with a well designed offering that lets employees manage their lives and employers run their businesses. Partnerships with banks will help employers better address the needs of a modern workforce. We’re excited to back a strong team and product in this vital and growing market.”

Immediate’s CEO, Matt Pierce, reflected on the funding and the company’s ambitions. He said, “As Immediate continues to make progress towards our mission of positively impacting the financial well-being of 1 million American workers by 2025, we recognise the need to surround ourselves with investors who have scaled companies to the heights we expect to achieve.

“We could not be more excited about this group of investors, who are not only providing Immediate with funding, but also with invaluable advisory and industry expertise that will undoubtedly expedite the growth trajectory of our company. The future is bright for Immediate and this round of funding – especially in a volatile economic climate – is a validating indication that we are well-positioned as a leader in the rapidly growing financial wellness market.”

This round of funding is the latest in Immediate’s history, but it is not the first. The company, which was drawn to SouthPoint Bank for its outstanding product and service offerings, has received past funding from this southeastern financial institution.

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