Funding

DailyPay Secures $260 Million in New Funding

NEW YORK — DailyPay, a company that helps employers pay their workers on a daily basis, has secured $260 million in new 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 partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree. DailyPay is headquartered in New York City, with operations in Minneapolis and Belfast, Ireland.

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.”

The law firm Latham & Watkins LLP advised DailyPay on the financing transactions.