Instant Financial Inc. has completed an $11.4 million Series A round of financing led by Atlanta, Georgia based TTV Capital, with participation of exisiting investors, ITC Partners Fund, Real Ventures, and Kinetic Ventures.
The Series A financing brings Instant Financial total funding to $15.4 million.
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Vancouver based Instant Financial is a financial technology startup that puts employees in control of accessing their earned pay. Instant enables employees to claim a portion of their earned income after every shift without any fees. Employers benefit from the solution with direct savings and increased employee retention & engagement.
photo credit: Instant Financial
Instant Financial Raises $11.4M Series A
App that allows businesses to pay employees on the day they work to use new funding to expand services and grow client base
Vancouver, B.C., April 17, 2018 (GLOBE NEWSWIRE) — Instant Financial, a financial technology startup that puts employees in control of accessing their earned pay, has today closed a successful Series A round of funding, closing at $11.4M, bringing their total funding to date to $15.4M.
The funds will be used to fuel customer acquisition across sectors, support product innovation and increase Instant’s overall market penetration of the more than 80 million hourly workers in North America. At present, over 275,000 hourly wage employees have access to their pay daily through Instant Financial from employers including Bloomin’ Brands, franchisees of Outback Steakhouse, McDonald’s, Burger King, Taco Bell, and Wendy’s. Clients have noted higher retention, lower turnover, and more engaged employees as benefits of Instant Financial’s platform.
“Our mission at Instant is to empower millions of hourly workers by putting employees in control of accessing their pay, while significantly improving employee retention & engagement for their employers,” says Steve Barha, CEO of Instant Financial. “Adding TTV Capital as a partner and the additional capital from this funding round will fuel our rapid growth and allow us to continue our product innovation.”
The funding was led by prominent fintech venture capitalist firm, TTV Capital based in Atlanta, Georgia. They will act as a strategic partner with full participation from existing investors ITC Partners Fund, Kinetic Ventures & Real Ventures. TTV Capital invests in fintech business ventures that serve the needs of the financial sector and consumers of financial products.
“The TTV team is thrilled to join Instant Financial as they change the way employees are paid across the nation. This is a great addition to our portfolio and a perfect match for our vision to transform the financial services sector,” said Gardiner Garrard, co-founder and a Managing Partner of TTV. “We’re looking forward to helping Instant achieve higher growth and revenue.”
About Instant Financial
Instant Financial is a financial wellness platform that is changing the way the world gets paid. Instant enables employees to claim a portion of their earned income after every shift without any fees. Employers benefit from the solution with direct savings and increased employee retention & engagement. Instant has been designed as a vital employee benefit for the hospitality, retail, manufacturing, construction and healthcare industries. For more information visit http://www.instant.co.
About TTV Capital
TTV invests in fintech businesses that serve the widely varying needs of the financial services sector and the consumers of financial products. Our team of experienced technology and financial services professionals has more than 100 years of venture capital and highly relevant industry operating expertise acquired across three decades and multiple economic cycles. We create value for entrepreneurs and investors by using our knowledge, experience and relationships to help businesses grow and succeed. For more information visit https://ttvcapital.com/.
Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.
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