DailyPay, a New York startup that allows on-demand businesses to offer employees or contractors daily payments, has raised $5m in a Series A round of funding.
The capital comes from Inspiration Ventures, Draper Frontier, Agilic Capital and RPM Ventures.
The company says it funds more than 1m payments to employees a year.
It operates across a number of industries, but it’s in the relatively new on-demand economy where it’s having the greatest impact in allowing workers to cash in on their earnings that day.
DailyPay charges a fee of between $0.99 and $1.50 for workers to cash in on their earnings early.
The startup’s total funding now sits at $6.5m with it previously taking on $1.5m in a seed round last October.
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