Vancouver-based INSTANT Financial, which allows employees to gain instant access to payments instantly after a shift, raised a $1.2 million oversubscribed seed round.
The round was led by Real Ventures with participation from angel investors.
“Everyday tens of millions of hourly workers wake up to the same challenge: they need access to their pay but payday is a several days away,” explains INSTANT Financial CEO Steve Barha. “The founding team at INSTANT recognized this and we have solved this problem by giving workers immediate access to their pay.”
INSTANT, which also has an office in Montreal, offers a mobile app that allows employees to unlock unpaid wages on a daily basis without additional user or service fees. Employers reduce pay distribution costs, and INSTANT said that this quick service increases employee retention.
“We see INSTANT Financial as a disruptive technology that puts financial control into the hands of service industry employees while providing great value to the employer,” said Real Ventures General Partner JS Cournoyer. “This very large market opportunity that has been underserved by the traditional providers.”