Instant Financial, a fintech company modernizing payments and earned wage access for hourly workers and their employers, today introduced its Financial Wellness program. With 65 percent of Americans living paycheck to paycheck, Instant’s Financial Wellness program is designed to help frontline employees achieve financial independence through tools that promote saving, build credit, and enhance financial health and well-being. The service is available to workers whose employers already partner with Instant for earned wage access, digital tips, and instant payments via banks, mobile wallets, or paycards. Instant’s solutions enable these workers to receive their wages at the end of each shift, or whenever they need them, rather than waiting weeks for payday.
“Instant Financial is proud to offer financial wellness tools to our employers and current and future workers who receive earned wage access through our app,” said CEO Tal Clark. “Our mission has always been to give frontline employees opportunities for financial freedom, and today’s launch is a huge step toward that goal.”
Benefits in Instant’s Financial Wellness program include:
- Health and Well-being Access – Powered by Welcome Tech and designed for banked and unbanked individuals, Instant’s users can access a healthcare package consisting of telemedicine, prescription discounts, mental health support, and discounts on dental and vision care at a monthly cost of $35 per household.
- Credit Building – Powered by MoneyLion, users may improve their credit scores by making on-time loan or credit card payments, which are then reported by MoneyLion to one or more of the major credit bureaus.
- Free Rent Reporting – Powered by Self, users may improve their credit scores by making on-time rent payments, which are then reported by Self to the three major credit bureaus. Payment history makes up 35 percent of credit scores, but most apartments in the U.S. do not report rent payments to credit bureaus.
- Financial Education – Powered by Visa’s Practical Money Skills program, users get access to a multitude of financial education resources and can learn about basics on budgeting, saving, banking, and other financial tools.
- High-Yield Savings Accounts – Powered by MoneyLion, users can choose from the top high-yield savings accounts offered from leading institutions with no monthly fee.
“We’ve partnered with Instant Financial since 2017, offering daily digital tip payouts to thousands of our workers, so it’s become an integral part of our employee benefits,” said Robert Linder, CFO at Lazy Dog. “We’re always looking for meaningful ways to reduce financial stress for our team members, and we are excited about the potential of Instant’s Financial Wellness program to provide important tools to save more, improve credit, and take care of mental and physical well-being.”
This announcement follows the recent launch of Instant Direct, which allows employees to choose between transferring funds to their bank accounts or using the Instant Card, based on their individual needs and circumstances. Today, Instant is the only platform offering an all-in-one solution that includes earned wage access, digital tips, and payroll cards, and it has helped workers in restaurants, retail, hospitality, and beyond access $7.5 billion+ in earnings at no or low cost. Customers like Sun Holdings, Church’s Chicken, and Bloomin’ Brands rely on Instant for their modern payroll solutions, which helps them better recruit and retain their frontline workforce.
“Financial security goes beyond just receiving a paycheck—it’s about having access to the tools and resources needed to build a better future,” said Amir Hemmat, co-founder and CEO of Welcome Tech. “Through our partnership with Instant, we’re helping workers take control of their financial and personal well-being.”
For more information about the Instant Financial Wellness program or to explore modern payroll solutions for your business, visit instant.co.
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