Funds will be used to drive growth, product innovation and international expansion for the leading on-demand pay provider
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- DailyPay, a leading financial technology company, today announced it has secured $260 million of capital to fuel growth domestically, expand internationally and further invest in product innovation. The funding is divided between revolving credit facility capacity provided by Barclays and Angelo Gordon, and new term loan funding from SVB Capital and a fund managed by Neuberger Berman.
DailyPay first announced a $300 million revolving credit facility from Barclays in March 2022. The additional revolving credit facility capacity ($100 million provided by Barclays and $60 million from Angelo Gordon) provides DailyPay with more capital to service its ever-growing roster of clients. The $100 million in term loan funding will be invested to fuel DailyPay's continued product innovation and to accelerate growth.
The fundraise announcement comes five months after Kevin Coop joined DailyPay as Chief Executive Officer. In his first five months as CEO, DailyPay has significantly grown its roster of clients and has seen meaningful revenue growth.
"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," said Kevin Coop, Chief Executive Officer of DailyPay. "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."
Latham & Watkins LLP advised DailyPay on the financing transactions.
DailyPay partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree. The company's modern, insight-driven pay strategies help companies activate their workforce and build stronger relationships with their employees, who feel more engaged, work harder, and stay longer.
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.
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