Instant Financial Moves Over $1B in Employee Payments, Signaling Increased Demand for EWA
Growing appetite for fee-free, on-demand pay reinforces Instant’s commitment to empowering the American workforce
Atlanta, Jan. 24, 2024 (GLOBE NEWSWIRE) — Instant Financial, pioneer of responsible earned wage access (EWA), electronic tips and paycard solutions, moved over $1B in employee payments and processed over 52 million employee transactions in 2023, driving an 18% annual increase in distributed payments via Instant’s responsible employee pay platform. Both achievements highlight the increased demand for fee-free employee pay options, and serve as an indicator of momentum for the Payday Revolution.
The company began last year with a bold new brand identity and an enhanced website designed to signal the onset of the Payday Revolution and solidify its mission to help employees get paid how, when and where they want. Shortly after its Q1 rebranding, Instant completed its Series A2 funding round, underscoring the confidence and support garnered from investors who recognize the societal impact of Instant’s mission.
“The collective efforts of the groundbreaking strides made in 2023 stand as a testament to our team’s dedication to empowering employees and providing financial freedom to all,” said Tal Clark, CEO of Instant. “Whether it’s earned wages, electronic tips, payroll cards or employee mileage reimbursement, our organization has taken the lead in improving the traditional employee pay cycle. We plan to continue to lead the charge in fee-free employee pay while offering a wider range of options for employees to access their hard-earned pay and tips in 2024.”
Increasing Demand For Pay Flexibility
According to PayrollOrg’s 2023 “Getting Paid In America” survey, more than one-third of Americans either want to or already have access to their pay as they earn it. This shift in EWA adoption aligns with a broader trend in how workplaces are evolving.
In 2023, Instant continued to lead the industry in providing fee-free electronic tips to employees, with a 21% annual increase in the total amount of Instant Tips distributed. With more than half of Americans worried about making their money last until payday, Instant is empowering countless workers across the country to access their earnings how they choose, at companies like Bloomin’ Brands, Papa Johns, Gen Korean BBQ and more.
Additional achievements from 2023 include:
- Partnered with companies across a variety of industries, including Denny’s, Dunlap Tire, Gen Korean BBQ, Gun Lake Casino and Primanti Bros
- Collaborated with HR Dive’s studioID, reporting on how companies perceive and use earned wage access (EWA) as a benefit to attract, retain and engage employees
- Announced its new mobile app and the introduction of mobile wallet functionality for Apple, Google and Samsung Wallet, representing significant improvements to optionality, user experience, functionality, and security for employees
The momentum built by Instant Financial in 2023 further solidifies the demand for a future where the workforce has greater control over their financial well-being. In 2024, Instant Financial will remain steadfast in its commitment to revolutionizing how employees receive their pay, fostering a future where financial empowerment is a reality for all.
Learn more about Instant’s mission to foster financial freedom and wellness across the country at instant.co.
About Instant Financial
Instant Financial 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. Learn more about Instant Financial at www.instant.co.
CONTACT: Kendall Kosek Alloy, on behalf of Instant Financial [email protected]
