DailyPay, a New York-based financial technology company, announced that it secured $260 million of capital to fuel growth domestically, expand internationally, and further invest in product innovation.
The funding is divided between revolving credit facility capacity provided by Barclays and Angelo Gordon and new term loan funding from SVB Capital and a fund managed by Neuberger Berman.
The additional revolving credit facility capacity ($100 million provided by Barclays and $60 million from Angelo Gordon) provides DailyPay with more capital to service its ever-growing roster of clients. The $100 million in term loan funding will be invested to fuel DailyPay's continued product innovation and accelerate growth.
"On-demand pay has proven to be a transformational financial wellness benefit for employers and their employees, and DailyPay is the proven market-leader. Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast green space," said Kevin Coop, Chief Executive Officer of DailyPay. "Our track record of trust and investment from the world's leading financial institutions validates our business model and path forward. This latest funding further propels us to a position of strength."
DailyPay partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger, and Dollar Tree.
The company's modern, insight-driven pay strategies help companies activate their workforce and build stronger relationships with their employees, who feel more engaged, work harder, and stay longer.
Company: DailyPay Inc.
Round: Credit Facility and Loan Funding
Funding Month: January 2023
Lead Investors: Barclays, Angelo Gordon, SVB Capital, and Neuberger Berman
Company Website: https://www.dailypay.com/
Software Category: Financial System
About the Company: DailyPay is the leading fintech provider that enables employees to harness the power of their pay and provides innovative financial products and solutions to consumers. DailyPay is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast.