[US] On-demand pay platform DailyPay receives $260m capital injection

In the US, financial services company and on-demand payment platform DailyPay has netted $260m in funding, FinTech Global reports.

The funding will help DailyPay bolster its domestic growth and expand internationally. In addition, capital is said to have been allocated for product innovation.

This investment is reportedly divided between a revolving credit facility capacity from Barclays and Angelo Gordon and a new term loan funding from SVB Capital and a fund managed by Neuberger Berman.

The capital injection is split, $100m from Barclays, $60m through Angelo Gordon and $100m in term loan funding from SVB.

In March 2022, DailyPay announced a $300m revolving credit facility from Barclays.

DailyPay says its on-demand payment platform is designed to help companies empower their workforce and foster stronger relationships with them. Its mission is to create a new financial system for everyone.

Through earned wage access, employees may have early access to their earned pay. DailyPay’s most recent feature is the Friday Visa prepaid card and app. This gives employees instant, no-fee access to their earned pay.

Its services are reportedly used by a number of Fortune 500 companies, including Hilton, Target, Kroger and Dollar Tree.

DailyPay CEO Kevin Coop said, “On-demand pay has proven to be a transformational financial wellness benefit for employers and their employees, and DailyPay is the proven market leader. Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast green space.

“Our track record of trust and investment from the world’s leading financial institutions validates our business model and path forward. This latest funding further propels us to a position of strength.”

Five months ago DailyPay named Kevin Coop as its CEO. During this tenure, Coop has reportedly grown the FinTech’s client roster and revenue ‘significantly’. Latham & Watkins advised DailyPay on the financing transactions.

Source: FinTech Global

(Link and quotes via original reporting)

In the US, financial services company and on-demand payment platform DailyPay has netted $260m in funding, FinTech Global reports.

The funding will help DailyPay bolster its domestic growth and expand internationally. In addition, capital is said to have been allocated for product innovation.

This investment is reportedly divided between a revolving credit facility capacity from Barclays and Angelo Gordon and a new term loan funding from SVB Capital and a fund managed by Neuberger Berman.

The capital injection is split, $100m from Barclays, $60m through Angelo Gordon and $100m in term loan funding from SVB.

In March 2022, DailyPay announced a $300m revolving credit facility from Barclays.

DailyPay says its on-demand payment platform is designed to help companies empower their workforce and foster stronger relationships with them. Its mission is to create a new financial system for everyone.

Through earned wage access, employees may have early access to their earned pay. DailyPay’s most recent feature is the Friday Visa prepaid card and app. This gives employees instant, no-fee access to their earned pay.

Its services are reportedly used by a number of Fortune 500 companies, including Hilton, Target, Kroger and Dollar Tree.

DailyPay CEO Kevin Coop said, “On-demand pay has proven to be a transformational financial wellness benefit for employers and their employees, and DailyPay is the proven market leader. Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast green space.

“Our track record of trust and investment from the world’s leading financial institutions validates our business model and path forward. This latest funding further propels us to a position of strength.”

Five months ago DailyPay named Kevin Coop as its CEO. During this tenure, Coop has reportedly grown the FinTech’s client roster and revenue ‘significantly’. Latham & Watkins advised DailyPay on the financing transactions.

Source: FinTech Global

(Link and quotes via original reporting)