Former propane industry VP joins Immediate

Doug MacMaster joined Immediate, a financial wellness company, as executive director of enterprise sales.

MacMaster

MacMaster spent 15 years with ThompsonGas as regional vice president and vice president of sales and business development.

During his time in the propane industry, which he entered in the late 1990s, MacMaster was a member of the Propane Education & Research Council Advisory Committee and participated in the National Propane Gas Association Benchmarking Council.

After moving from Maryland to Georgia, MacMaster entered the industrial boiler manufacturing industry. But he says something brought him back to propane, as he began to consult for companies entering the propane industry.

In his newest position with Immediate, MacMaster helps employers boost employee benefit packages through an option called earned wage access. The company says its ImmediatePay app offers a low-cost way for employees to receive on-demand access to their earned pay. Employers bear no out-of-pocket costs, and employees pay a typical ATM fee to access their earned pay before payday. The earned wage access solution helps employees overcome the challenges and burdens of financial stress through elective access to earned pay, the company adds.

Immediate closes $15.5 million capital raise

In March, the company, based in Birmingham, Alabama, completed a $15.5 million capital raise from a diverse group of investors.

The company says it will use the funding, split between growth equity and a working capital facility, to continue on its accelerated growth path in the coming years.

“It’s becoming clearer than ever that financial support and wellness tools like Immediate are in demand and poised to become more common across employers,” says Matt Lyons of Rockledge Capital in a press release. “I’m excited that our group of investors were able to lead this round of funding, and we look forward to Immediate being the next great company to come out of Birmingham.”

The funding comes as Immediate enters its third year in business and reflects the growing momentum the company says it’s creating.

“We could not be more excited about the impact this funding will allow us to create,” says Matt Pierce, Immediate founder and CEO, in a press release. “We have proven the value of our solution to both partners and the market at large, and Immediate is now poised to continue accelerating toward our mission to positively affect the financial well-being of 1 million Americans over the next three years.”