S6 E3: Matt Pierce, Immediate

Code Story: Insights from Startup Tech Leaders

Noah Labhart - Startup Founder & CTO

Tech News, News, Business, Technology, Entrepreneurship, Careers

4.6 • 216 Ratings

🗓️ 1 February 2022

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Matt Pierce has been a tech guy for his entire 17 year career. Coming out of grad school, he started out in healthcare tech for a decade or so. Eventually, he started down the path of being an entrepreneur. He is married with 3 daughters - 2 in third grade and one that is a 2 year old. He mentioned the entrepreneurial dilemma of picking 3 of the 5 life choices - family, business, sleep, exercise and friendships - and notes that his three are family, business, and sleep. After spending nights and weekends burning the midnight oil on a healthcare tech solution, Matt sat down with a prospective client and did the best pitch ever. The client's feedback was that it didn't solve her real problem which was turnover, which boiled down to money. After chatting with the client and a mentor, Matt uncovered the best potential solution to financial stress - on demand pay. This is the creation story of Immediate. Our Sponsors: * Check out Kinsta: https://kinsta.com * Check out Red Hat: https://www.redhat.com * Check out Vanta: https://vanta.com/CODESTORY Support this podcast at — https://redcircle.com/code-story/donations Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy

Transcript

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0:00.0	We initially had thought, well, if we're going to go do this, we'll just charge a small percentage for everything you pull up.
0:05.8	If you've earned $500 and you want to pull 200 out, then we'll just charge you 5%, right?
0:10.9	We'll make 10 bucks.
0:11.8	That sounds great.
0:13.4	Well, the problem with that is when you put percentage in there, starts to look and feel a little more like a loan.
0:18.8	So we ended up going with a flat rate that is viewed more as a convenience fee.
0:24.2	The same way as, you know, whether you pull out 100 bucks or 200 bucks in an ATM,
0:28.2	it's going to be the same ATM fee.
0:30.5	So that regulatory compliance kind of made us re-look at and adjust the way we were
0:36.4	structuring things from a business perspective.
0:39.5	My name is Matt Pierce, founder and CEO of the media.
0:47.7	This is Code Story, the podcast bringing you interviews with tech visionaries who share in the critical moments of what it takes to change in industry and build and lead.
0:59.5	A team that has your back.
1:02.3	I'm your host, Noah Labhart.
1:04.0	And today how Matt Pierce created a solution to financial stress by enabling you to get paid on demand.
1:14.0	All this and more on Coat Story.
1:18.9	Matt Pierce has been a tech guy for his entire 17-year career.
1:27.4	Coming out of grad school, he started out in health care tech for a decade or so.
1:31.5	Eventually, he started down the path of being an entrepreneur.
1:35.0	He's married with three daughters, two in third grade, and one that is two years old.
1:39.6	He mentioned the entrepreneurial dilemma of picking three of the five life choices,
1:45.6	family, business, sleep, exercise, and friendships, and notes that his three are family, business, and sleep.
	...

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