FinTech News
Instant Financial Named Best Payments App with Tearsheet Award
The earned wage access FinTech Instant Financial was recently honored by Tearsheet.
About Instant Financial’s Award:
Earlier this month, Tearsheet unveiled its 2025 Power of Payments Award recipients. Among them was Instant Financial, which was named Best Payments App (B2B or B2C). Other various category winners for this year include J.P. Morgan Payments, Balance, Remitly, PayJoy, and Extend. Looking at past awards, it seems that this particular category was new this year.
As Instant notes, this is only the latest honor for the platform. In addition to winning a TAG FinTech Advance Award, it was named one of the Top 10 Most Innovative Companies by TAG. Additionally, Instant was a finalist for the PayTech Global Awards and FinTech Finance Awards.
More on Instant Financial:
Instant is an earned wage access service for hourly workers. With the service, employees can claim their pay for hours worked and utilize their funds via a debit card or bank transfer.
Since its founding in 2015, Instant Financial has issued more than $8 billion in wage payments as well as $5 billion in earned tips to thousands of employees. Additionally, the company reports that its services help employers with payroll, hiring, and retention, as 86% of employees say they’d be more interested in applying for a job that offered same-day pay.
What They’re Saying:
Commenting on the latest recognition, Instant Financial CEO Tal Clark said, “We built Instant on the belief that employees should have immediate access to the wages they have already earned. Being recognized by Tearsheet as the Best Payments App is a testament to our team’s mission to reshape how America gets paid.”
Clark added,” We’re proud to deliver technology that empowers workers while helping employers improve recruitment, retention, and morale.”
Meanwhile, in their write-up of Instant, Tearsheet noted, “Long before earned wage access became a buzzword, Instant Financial spotted the disconnect between how fast money could move in the modern world and how slowly workers actually got paid.”
My Thoughts:
Obviously, Instant Financial isn’t the only earned wage access platform out there as we’ve also written about the success of Clair and DailyPay. However, it’s clear that this concept is a winner, making it a market fit for competition. On that note, I’m not sure how well-funded Instant is in comparison to those other platforms, but they must be doing something right (after all, $8 billion in payments is quite a lot!).
Personally, as a fan of the earned wage access idea, I wish the best of luck to Instant and its competitors. Hopefully, having more companies in this space will only mean good things for more hourly workers across the country.
Author
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