Today we’d like to introduce you to Matt Pierce.
Hi Matt, we’re thrilled to have a chance to learn your story today. So, before we get into specifics, maybe you can briefly walk us through how you got to where you are today?
We started this company in the fall of 2018, initially launching to support home health and home care companies in their effort to improve retention. Since then, we have grown to support nearly 400 customers across all 50 states, represented by hundreds of thousands of employees on our platform and 50+ Immediate team members.
The goal of our ImmediatePay platform is to meet users where they are on their financial wellness journey and provide them with a path to enhanced financial security. We deliver this through providing access to already-earned wages in between paydays to provide a responsible alternative to predatory lending services for life’s unexpected expenses.
We all face challenges, but looking back would you describe it as a relatively smooth road?
Marc Andreeson famously said, “In the startup world, there are only two emotions: Euphoria and Terror.” I think about this quote often, as the good times don’t seem to last too long, yet we seem to move through the bad times rather quickly as well.
Starting a company on your own is a path to uncertainty, but it’s one of the things I love the most about my job. Every day presents a new set of challenges and obstacles, so it’s hard to get in a rut or ever feel complacent. As Immediate has grown from a one-person company (me) to now 50+ employees, we’ve encountered more bumps and curves than I ever imagined.
Beyond the obvious struggles that we’ve all dealt with (Covid, record-setting inflation, etc.), one of our biggest challenges has been ensuring through all of the ups and downs that we keep culture top-of-mind to make sure the Immediate team is happy, challenged, and engaged. This is a difficult task to manage, especially as a company scales quickly, so it takes a great deal of focus and effort.
Thanks for sharing that. So, maybe next you can tell us a bit more about your business?
Immediate is an industry-leading financial wellness company offering employees a voluntary benefit that allows access to already-earned wages in between paydays. This is commonly known as Earned Wage Access (EWA), and it is reshaping the way employees view full-time employment, as previously only gig economy workers had the ability to access pay in-between paydays.
We have grown rapidly since launching our first customers in 2019 and, last year, achieved 346% year-over-year revenue growth. The turbulent economic times we’re all living in have expedited our growth, as our ImmediatePay benefit offers a responsible alternative to predatory title and payday loans or incurring credit card debt for unexpected expenses.
Our mission as an organization is to positively impact the financial well-being of 1 million American workers by January 2025, and we are well on our way to achieving this audacious goal!
Immediate works with all types of companies, but we typically see the most engagement with restaurants, hotels, and healthcare companies… often experiencing greater than 40% enrollment.
The upside for companies is that ImmediatePay does not cost the employer anything, yet typically shortens recruitment cycles by ~15% and many customers have reported as much as a 35% reduction in turnover since launching this benefit.
What would you say have been one of the most important lessons you’ve learned?
Starting a company from scratch is incredibly difficult, but when facing hard times, tough decisions, and mounting obstacles, remaining optimistically persistent has been a key to our success.
Persistence isn’t necessarily brute force… it requires you to take a step back, evaluate the scenario, weigh the cost and benefit of decision/indecision, then commit to moving forward. And if that doesn’t work… continue the process over and over until you get it right.
There have been plenty of times where we felt frustrated, disappointed, or defeated, but knowing that giving up is not an option pushed our team to be creative in how to get things done and, ultimately, succeed.
Contact Info:
- Website: www.joinimmediate.com
- Instagram: instagram.com/joinimmediate
- Facebook: https://www.facebook.com/joinimmediate
- Linkedin: linkedin.com/company/joinimmediate
- Twitter: twitter.com/joinimmediate
- Youtube: youtube.com/joinimmediate
Image Credits
Immediate
