DailyPay, an on-demand pay platform that helps employees get real-time access to wages, has received $300m in a revolving credit facility from Barclays.
The funds will provide DailyPay with funds to service its growing list of partners.
New York-headquartered DailyPay offers employees a digital wallet that gives them instant access to the money they have earned. In addition to this, the app lets users spend money, pay bills, access a savings account, invest money and more.
Its website claims that 80% of Fortune 200 companies leverage DailyPay.
DailyPay CEO and co-founder Jason Lee said, “A fortress balance sheet is essential to be a leading company in on-demand pay. This credit facility will allow us to work with more of the largest employers in the country to offer on-demand pay to their employees.”
Latham & Watkins advised DailyPay on the deal, while Mayer Brown advised Barclays.
Last year, DailyPay closed its Series D funding round on $175m. The capital injection was led by Carrick Capital Partners and was aimed at helping the FinTech company seek “new market opportunities” for its technology.
Alongside the capital injection, DailyPay picked up $325m in a credit facility from an undisclosed source.
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