Vancouver-based Instant Financial, which allows employees to get access to their pay after a shift, has closed a $14.3 million CAD ($11.4 million USD), bringing their total funding to date to $19.3 million.
The round was led by Atlanta, Georgia-based FinTech VC firm TTV Capital. They will act as a strategic partner with participation from existing investors ITC Partners Fund, Kinetic Ventures and Real Ventures.
“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, and engagement for their employers,” said 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 will be used to fuel customer acquisition across different sectors, support product development, and reach 80 million hourly workers in North America.
The company said that currently, over 260,000 hourly wage employees have access to their pay daily through Instant Financial from employers like Bloomin’ Brands, McDonald’s, and Outback Steakhouse.
“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.”