Instant Financial, which claims to be a leading innovator in the financial technology sector, has successfully raised a second funding round led by TTV Capital, a fintech-focused venture capital firm, and an original investor in Instant.
The funding round also “saw participation from ITC Holdings and InComm, along with reinvestment from existing partners who continue to show confidence in Instant’s proven business model and unwavering commitment to its mission and vision.”
Gardiner Garrard, Co-Founder and Managing Partner at TTV Capital, said:
“Our team at TTV Capital is optimistic about supporting Instant Financial on its journey to reshape how employees get paid. We’ve always believed in their vision to revolutionize financial accessibility for their clients and to empower individuals with seamless access to their earned wages.”
This infusion of capital comes on the heels of “an exceptional period of growth for Instant, marked by unprecedented revenue expansion in 2021 and 2022, a testament to the company’s commitment to delivering fee-free employee pay.”
Further indication of the effectiveness and versatility of Instant’s solutions, their portfolio boasts “a diverse range of clients across various verticals, including Randstad, Bloomin’ Brands, Ultra Steak, Road Runner Sports, and more.”
Although fintech funding has experienced a decline over the past year, there is “a notable trend of sustained funding flowing into earned wage access (EWA) companies, signaling a rising consumer appetite for immediate payment solutions with employee wellbeing in mind.”
The newly secured funds are earmarked “to accelerate Instant’s growth initiatives, including substantial investments in product development, enhancements in client support services, and strategic sales and marketing endeavors.”
This allocation of resources is designed “to fortify Instant Financial’s position as a market leader and further enrich its suite of offerings.”
Tal Clark, CEO of Instant Financial, said:
“Instant Financial’s successful funding round marks a significant milestone in our journey toward revolutionizing the payday experience. We are excited to partner with our investors and we are committed to using this investment to drive innovation, expand our capabilities, and deliver even greater value to our clients.”
Following their last funding announcement in April 2018, Instant Financial has made remarkable strides, firmly “establishing itself as a key player in the financial technology landscape.”
As noted in the update, Instant Financial claims it is “leading the charge to provide financial freedom and wellness to millions of workers in the United States through its earned wage access solutions.”
By enabling employers to allow employees to access their daily wages immediately after their shift, Instant Financial “helps organizations improve retention and reduce absenteeism while helping employees take control of their financial freedom by bridging the gap between work day and payday.”