BIRMINGHAM, Ala., Feb. 18, 2020 /PRNewswire/ — Financial health challenges impact nearly 179 million Americans who are considered financially vulnerable or financially coping1; a quarter of U.S. households either do not use a bank or use unbanked financial services such as payday loans and check cashing services.2 Immediate, a financial health services provider that delivers on-demand early access pay, today announced an oversubscribed seven-figure round of seed funding to improve the financial well-being of millions of Americans by eliminating dangerous cycles of debt generated by predatory payday lenders.
Founded by healthcare technology veterans Matt Pierce and Jason Gwizdala, Immediate empowers employers to provide pay freedom and flexibility, allowing employees access to their hard-earned money every single day.
“Only 45 percent of people making less than $30,000 a year say they can pay their bills on time3,” said Pierce. “Jason and I have both been a part of high-growth healthcare companies; the desire to meaningfully impact people’s health is ingrained in us both. We see financial health as a key social determinant that impacts peoples’ well-being. Immediate was founded with the mission of disrupting predatory payday lending practices and giving employers the ability to fully support the financial needs of their hourly employees.”
Immediate partners with employers to provide employees with wages that have been earned but not paid, whenever they are needed. This reduction in financial stress encourages employees to be more engaged and motivated, builds loyalty, reduces employee turnover, and helps attract top talent. The company’s ImmediatePay software platform integrates directly with employers’ time tracking and payroll software, and nominal early access fees are set up like ATM convenience charges, which employers can elect to cover.
After winning $100,000 in non-dilutive prize money from the Alabama Launchpad pitch competition in August 2019, Pierce and Gwizdala began raising Immediate’s seed round in October, quickly receiving commitments from Alabama Capital Network and several notable angel investors from Birmingham, Atlanta, and Boston.
“While we were offered a number of large investments, we exerted significant discipline in aligning with a group of individuals who bring a genuine interest in our mission,” said Gwizdala. “They have unique connections and skill sets that will help us build an infrastructure of people who will be hands-on in helping us achieve our goals. The terrific investment response we’ve received has been gratifying and affirming, and we’re excited to proceed into the next phase of growth backed by the market’s confidence.”
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 health and eliminate cycles of debt for workers by allowing them to access their hard-earned money every single day. To learn more about on-demand early access pay, visit joinimmediate.com.
1 Financial Health Network U.S. Financial Health Pulse 2019 Trends Report.
2 Center for Financial Services Innovation 2016 Financially Underserved Market Size Study.
3 Financial Health Network U.S. Financial Health Pulse 2019 Trends Report.
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Matt Pierce, CEO and Founder, Immediate