DailyPay secured $260 million of capital, which it will use to support domestic growth, expand internationally and further invest in product development. 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.
In March 2022, DailyPay announced a $300 million revolving credit facility from Barclays. The additional revolving credit capacity–$100 million provided by Barclays and $60 million from Angelo Gordon—provides the company with more capital to service its growing customer base. The $100 million in term loan funding will be invested to support DailyPay’s continued product development and to accelerate growth.
“[Our] opportunity lies in capturing more of the market, which is overwhelmingly vast green space,” said DailyPay CEO Kevin Coop. “Our track record of trust and investment from the world’s leading financial institutions validates our business model and path forward.”
In a 2021 interview with the HCM Technology Report’s PeopleTech podcast, DailyPay’s then-Chief Innovation and Marketing Officer Jeanniey Walden described the company’s mission as “[creating] the next financial system by rewriting all of these invisible rules of money that have been created over the years.” By that she meant practices like paying employees only on the 15th and 30th of each month, or processing off-cycle payments in a certain way or capturing and holding tips until the next pay period.
Walden said she expected the company to eventually move beyond on-demand pay and into different areas that will help ensure that retailers and employees are having the best interaction that they can, for example, or that financial institutions and employees are having the best interaction that they can.
DailyPay maintains partnerships with a number of HCM, Payroll and workforce management companies, as well as financial institutions including ADP, UKG, Alight and Paycor.
Image: DailyPay
