DailyPay, which enables employees to have real-time access to their wages, has closed a $9m Series B funding round.
Intercept Ventures made its first investment in the company, while existing backers RPM Ventures, Inspiration Ventures and Draper Frontier also participated.
New York-headquartered DailyPay provides employees with real-time access to their wages whenever they need them. Having instant access to pay, enables consumers to pay bills on time and avoid late fees.
DailyPay works by the pay earned for every active work hour is made available instantly, through a fee of $1.25, and at the end of the month, all transfers are deducted from the paycheck. The platform is used across industries including retail, healthcare, transportation and cleaning, among others.
This capital injection will be used to accelerate the deployment of its financial wellness support services.
DailyPay CEO and co-founder Jason Lee said, ?When we launched, we set out to improve the financial security of employees by giving them access to their wages when they need them. Little did we know we would spark a movement.p>
The new round brings the total capital raised by DailyPay to $16m. The company raised a $5m Series A in 2016 from Inspiration Ventures, Draper Frontier, Agilic Capital and RPM Ventures. Priot to that, the company netted $1.5m in a seed round in 2015.
Last year, funding into the WealthTech sector was mainly deployed to either online banking solutions or personal finance platforms, with both sub-sector seeing around a third of the total investments.
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