DailyPay, a New York-based worktech company, announced a significant enhancement to its credit facility, having secured an additional $100m from Citi.
This boost doubles Citi’s previous commitment, bringing their total to $200 million.
The total revolving secured debt facility commitment for DailyPay now stands at $760m, which includes contributions of $500m from Barclays, $200m from Citi, and $60m from TPG Angelo Gordon. This extensive credit facility will enable DailyPay to continue providing robust financial services to its growing list of clients.
As the leading provider of earned wage access, DailyPay offers a technology platform that allows employees from various industries, including those at Fortune 500 companies, to access their earned wages before payday. This service helps workers manage their finances more effectively, reducing the need for high-interest credit products and improving overall financial wellness.
The new funds will be used to further enhance DailyPay’s platform capabilities and expand its client services, ensuring the company maintains its leadership position in the worktech sector.
Latham & Watkins LLP provided legal counsel to DailyPay during the financing transaction.
Stacy Greiner, chief executive officer of DailyPay, said, “This addition to our credit facility speaks to our unwavering dedication and commitment to our clients and their millions of daily workers who leverage DailyPay to live a better financial life.”
Ken Brause, chief financial officer of DailyPay, said, “”Citi’s increased commitment is a testament to the continuing support world-class financial institutions have provided in financing our rapid growth and upward trajectory.”
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