DailyPay, a worktech platform providing on-demand pay and financial wellness solutions for employers and employees, has announced the completion of a $200m asset-backed securitisation.
The securitisation, backed by leading financial institutions, featured Barclays as lead bookrunner and structuring agent, with Citi and Morgan Stanley serving as joint bookrunners. The notes offering was rated by Morningstar DBRS, with ratings from AA (sf) to BB (sf). Legal advice was provided by Latham & Watkins for DailyPay and Mayer Brown for the bookrunners.
DailyPay offers employers the ability to provide their staff with on-demand access to earned wages, helping employees move away from the traditional two-week pay cycle while having no impact on employer cash flow or payroll processes.
The transaction establishes a new asset class in the financial sector, it said.
DailyPay CEO Stacy Greiner said, “”In a recent study, more than half of Americans reported living paycheck-to-paycheck. And with rising inflation, consumer confidence is waning. Hard working people now more than ever deserve access to their pay as they earn it. They deserve a financial system that works for them and addresses their on-demand pace of life. Our new capital position enables us to help even more employers and their employees, fueling our rapid growth.”
DailyPay CFO Deepa Subramanian said, “This securitization marks a first for our industry, with strong investor demand validating our differentiated approach to delivering On-Demand Pay. With $25 billion in payments volume, we are continuously looking for new ways to optimize our capital structure to support our growth ambitions.”
The new securitisation brings DailyPay’s total debt financing backed by on-demand pay receivables to nearly $1bn, including its existing $760m secured debt facility with Barclays, Citi, and TPG Angelo Gordon.
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