Immediate closes a $15.5 million capital raise

BIRMINGHAM, Ala., March 16, 2021 /PRNewswire/ -- Immediate, a financial wellness company, today announced it has completed a $15.5 million capital raise from a diverse group of investors. This funding, which reflects growing confidence in the expanding potential of Immediate, is split between growth equity and a working capital facility, allowing Immediate to better serve its growing user community. The company will use this funding to continue on its accelerated growth path in the coming years.

"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," shared Matt Lyons of Rockledge Capital. "I'm excited that our group of investors were able to lead this round of funding and we look forward to Immediate being the next great company to come out of Birmingham."

This funding comes as Immediate enters its third year in business, and reflects the growing momentum the company is creating. With a growing user base and partnerships with companies including Visa, The Bancorp, WellRx, and more, Immediate's earned wage access solution is helping more employees overcome the challenges and burdens of financial stress through elective access to earned pay.

"We could not be more excited about the impact this funding will allow us to create," said Matt Pierce, Immediate founder and CEO. "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."

About Immediate

Immediate partners with employers to provide their employees with wages that have been earned but not paid, whenever they are needed. With seamless 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 them to access their hard-earned wages. To learn more, visit joinimmediate.com.

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SOURCE Immediate