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Immediate, a health service provider that delivers on-demand early access pay is set on a mission to improve the financial health of millions of Americans by eliminating the cycles of debt generated by predacious payday lenders
FREMONT, CA: Immediate, a financial health services provider raised an oversubscribed seven-figure round of seed funding.
Nearly 179 million Americans are facing the impact of financial health challenges. They are considered financially vulnerable or financially coping1. About a quarter of U.S. households either do not use bank sevices or use unbanked financial services such as check cashing services and payday loans.
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Immediate, a service provider that delivers on-demand early access pay is set on a mission to improve the financial health of millions of Americans by eliminating the cycles of debt generated by predacious payday lenders.
The company, founded by the healthcare technology experts veterans Matt Pierce and Jason Gwizdala, enables employers to provide flexibility and pay freedom, allowing employees to get access to their wages whenever needed. This reduces the financial stress, risk of turnover, increases employees' motivation, engagement, and loyalty.
The company's ImmediatePay software platform directly integrates with employers' payroll and time tracking systems and enables the same day and next day bank transfers with the ability to put earnings directly o a debit card. Moderate early access fees are set up like ATM convenience charges, which can be covered by employers.
Pierce said, "Only 45 percent of people making less than $30,000 a year say they can pay their bills on time. 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."
Pierce and Gwizdala started raising Immediate's seed round in October after winning $100,000 in non-dilutive prize money from the Alabama Launchpad pitch competition in August 2019. The company received commitments from Alabama Capital Network and several notable angel investors from Birmingham, Atlanta, and Boston.
Gwizdala said, "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. 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."
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