DailyPay, a New York-based on-demand pay company, has secured over $175 million in funding to support its growth.
SaaS Investors
The funding includes $100 million from a secured credit facility provided by Citi and over $75 million in equity financing led by Carrick Capital Partners.
Established in 1812, Citigroup is a global commercial bank headquartered in New York City, New York. The firm provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Founded in 2011, Carrick Capital Partners is a growth equity firm based in San Francisco, California. The firm seeks to invest in software, SaaS, transaction processing, and technology-enabled services companies.
DailyPay Use of Funds
The company will use the funds to fuel its product innovation, expansion into new markets, and entry into adjacent categories.
About DailyPay
Founded in 2015, DailyPay is on a mission to build a new financial system for everyone. DailyPay delivers an 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. The platform allows workers to access and manage their earned wages on-demand. The company is headquartered in New York City, with operations in Minneapolis and Belfast, and partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger, and Dollar Tree.
Funding Details
Company: DailyPay, Inc.
Raised: $175.0M
Round: Credit Facility and Equity
Funding Month: January 2024
Lead Investors: Citi, Carrick Capital Partners
Additional Investors:
Company Website: https://www.dailypay.com/
Software Category: Financial
Source: https://www.prnewswire.com/news-releases/dailypay-closes-transactions-totaling-175-million-companys-valuation-increases-by-75-302038413.html