As employee demand for earned wage access increases post-COVID, Instant's cardholder numbers grew by 18.5%
ALPHARETTA (July 27, 2021) – Instant Financial, the pioneer of fee-free earned wage access (EWA) solutions that help employees take control of their financial wellness, today announced that its Client base has grown 33% in the first half of 2021, and has seen an 18.5% increase in cardholders.
Driving this growth is a swell of post-COVID market conditions. As commerce re-opens at full capacity, retailers, restaurants, manufacturers and more are forced to hire an influx of new workers. Providing employees with access to same-day wages gives brands a competitive edge in not only hiring and recruiting, but also retention. In fact, Instant Clients benefit from an average 27% reduction in employee turnover using Instant Pay.
Sarah Grotta, director of debit and alternative payment products advisory services at Mercator Advisory Group described the burgeoning EWA sector as having “the potential to alter the way people think about getting paid with an emphasis on the need for funds rather than a calendar date.”
To support this vision as well as current and projected growth, the Metro Atlanta-based company welcomed 10 new hires in the past six months, with over 20 additional roles expected to be filled in the next year. 2021 leadership team additions include CEO Tal Clark, chief revenue officer Chip Harden and chief technology officer Charles Jarett. Founder Steve Barha recently assumed an innovation-centric role where he will focus on optimizing and elevating the Client experience for employers and cardholders.
Instant also recently established a formal relationship with one of the country’s largest paycard providers, Money Network, a subsidiary of Fiserv. Today, Instant moves over $1 billion dollars annually to Instant Pay cards, allowing millions of employees across the US to receive their pay daily versus the standard two-week pay period, all at no charge to both employees and employers – without interrupting existing payroll processes.
“Our business is accelerating this year due to a confluence of factors,” said Clark. “Aside from our ability to help employers stand out in a challenging hiring market, Instant is also differentiated in our ethical DNA. As the only true fee-free EWA provider, we truly give employees the full amount of their hard-earned wages. Moreover, we provide it at a frequency workers need in order to live healthier and safer lives. Everything else is just payday lending in disguise.”
To see why brands like Taco Bell, Outback Steakhouse and Argo Contact Center trust Instant, schedule a demo today. To view open positions with the high-growth brand, view Atlanta-based career opportunities here.
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 they work, Instant Financial helps organizations improve retention and reduce absenteeism while helping employees take control of their financial freedom by bridging the gap between workday and payday. Learn more about Instant Financial at www.instant.co.