DailyPay, the trailblazer in the on-demand pay sector, has secured a staggering $175m. This financial infusion is a blend of a $75m equity round and a $100m increase in an existing secured credit facility, with the additional financing generously provided by banking giant Citi.
At the forefront of pay solutions, DailyPay offers an innovative platform that enables employees to access their earned wages instantly. The service, highly praised for its user-friendly interface and practicality, has revolutionized the traditional pay cycle, providing flexibility and financial control to workers across the United States.
The freshly acquired funds are earmarked for a strategic push towards accelerated growth. DailyPay aims to channel this investment into expanding its product offerings and exploring new market territories. This move is poised to solidify DailyPay’s standing in the FinTech industry and broaden its impact on the future of pay.
In addition to the recent funding, DailyPay’s financial architecture has been further strengthened. The company’s revolving secured debt facility has ballooned to an impressive $660m, thanks to contributions from other prestigious financial institutions including Barclays and TPG Angelo Gordon, alongside the latest boost from Citi.
DailyPay CEO Kevin Coop commented on this milestone achievement, “DailyPay’s employer-integrated on-demand pay platform is putting power back in the hands of the worker by allowing them to track, transfer, spend or save their pay as they earn it.
“This latest equity capital raise, from both long-time institutional investors and new financial partners, underscores DailyPay’s strength and market-leading position. We are eager to capitalize on this momentum as we continue to revolutionize the future of pay.”
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