Immediate, an earned wage access and financial wellness platform, closed a $13 million Series B led by BankTech Ventures.
The Birmingham, Ala., fintech said in a press release that Castle Creek Launchpad and BankSouth also participated in the funding round. Immediate also expanded its existing working capital facility with Always.bank.
The capital will be used to accelerate product innovation, expand strategic distribution partnerships, support growth in the employer market, and further develop Immediate’s private-label Embedded EWA platform.
“Over the last several years, we’ve built enterprise-grade infrastructure that powers earned wage access for employers and employees at scale,” Matt Pierce, Immediate’s founder and CEO, said in the release. “This funding allows us to continue investing in our core employer business while accelerating our work with financial institutions.”