Immediate lands $13M Series B to grow bank-focused earned-wage business
What's the deal? Immediate, an earned wage access and financial wellness platform, has closed a $13 million Series B led by BankTech VenturesDealroom has a profile for this one. Try Dealroom →. Castle Creek LaunchpadDealroom has a profile for this one. Try Dealroom → and BankSouthDealroom has a profile for this one. Try Dealroom → also joined the round.
The Birmingham, Alabama fintech gives employees access to wages they have already earned ahead of payday. Alongside the equity round, it expanded its existing working capital facility with Always.bankDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Immediate plans to use the capital to speed up product development, expand distribution partnerships, grow in the employer market, and build out its private-label Embedded EWA platform.
What's next? The company wants to deepen its work with financial institutions while keeping its employer business at the core.
"Over the last several years, we've built enterprise-grade infrastructure that powers earned wage access for employers and employees at scale," said Matt Pierce, Immediate's founder and chief executive officer. "This funding allows us to continue investing in our core employer business while accelerating our work with financial institutions."
The signal: At $13 million, the round sits in the lower tier of Series B deals by size, reflecting a targeted raise aimed at extending an existing platform rather than a sweeping expansion. The backing from bank-linked investors points to earned-wage access moving deeper into partnerships with traditional financial institutions.
Read more: thebankslate.com
Image credit: Ken Lund
