Immediate offers a financial wellness platform that provides employees with on-demand access to their earned wages through a secure, low-cost payment system. This solution addresses the issue of traditional payroll delays, enabling instant cashless tips and off-cycle payments while minimizing administrative burdens for employers.
Funding
$30.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
CLFounders
Product
Problem
Traditional payroll systems often create delays in employees accessing their earned wages, leading to financial stress and potential reliance on high-cost alternatives like payday loans. This can negatively impact employee engagement and retention, particularly for hourly workers and those with limited savings.
Solution
Immediate provides a financial wellness platform that integrates with existing payroll systems to offer employees on-demand access to their earned wages. Through a secure mobile app, employees can request a portion of their already-earned pay before their scheduled payday, improving their financial flexibility and reducing reliance on expensive borrowing options. The platform also facilitates instant cashless tips and off-cycle payments, streamlining the payment process for employers while providing immediate access to funds for employees. Immediate aims to improve employee financial well-being and reduce financial stress by providing timely access to earned income.
Target Audience
Immediate primarily targets employers across various industries, particularly those with hourly or shift-based workforces, who are looking to enhance their employee benefits package and improve employee retention.
Features
- Integration with existing payroll and time-tracking systems for automated earned wage calculations
- Mobile app for employees to request on-demand wage access
- Multiple payout options, including direct deposit, pay cards, and merchant cards
- Real-time financial coaching and educational resources within the app
- Financial surveys to assess and improve financial health
- Prescription savings program offering discounts at pharmacies nationwide
- Employer dashboard for managing and tracking employee usage
- US-based in-house support for both employers and employees