Immediate is a Birmingham-based earned wage access company led by founder and CEO Matt Pierce. It enables employees to access funds when needed via time-tracking and payroll integrations, same-day and next-day bank transfers, and the ability to load earnings on a debit card. The product is designed to address liquidity challenges for employees facing unexpected expenses and to improve financial wellness by helping eliminate cycles of debt. The company raised $16 million in funding split between growth equity and a working capital facility. The round was led by Castle Creek Launchpad with participation from BankSouth and Birmingham executives Bryan Statham and Cynthia Johnson. An expanded working capital credit facility was provided by SouthPoint Bank to support accelerated growth in the workplace financial health sector. Immediate provides an earned-wage access solution that integrates with time tracking and payroll systems to let employees access wages they have earned but not yet been paid. The product supports same-day and next-day bank transfers and the option to load earnings onto a debit card. Immediate partners with companies including Visa, The Bancorp, and WellRx to deliver its service. The company says it has a growing user base and aims to improve financial wellness and reduce cycles of debt for employees. Management plans to use new funding to continue accelerated growth and scale partnerships. The company is entering its third year in business and has set a three-year goal to positively affect the financial well-being of one million Americans. Immediate builds the ImmediatePay platform to give employees on-demand access to earned but unpaid wages, integrating with employers' time tracking and payroll. The platform supports same-day and next-day bank transfers and can load earnings directly onto a debit card. Employers and employees pay nominal early-access fees structured like ATM convenience charges, which employers can elect to cover. Immediate positions its product as a tool to reduce financial stress, boost engagement, cut turnover, and help employers attract talent. Founded by healthcare technology veterans Matt Pierce and Jason Gwizdala, the company aims to disrupt predatory payday lending and improve financial health for hourly workers. Financially, Immediate announced an oversubscribed seven-figure seed round and previously won $100,000 in non-dilutive prize money from the Alabama Launchpad competition.

Total raised

$32M

Funding rounds

5

Latest round

Equity

Latest activity

Jul 2023