DailyPay

DailyPay provides a platform for employers to offer earned-wage access to its staff through the company’s “PayEx” platform. The platform includes features that allow employees to automate their savings, while employers can issue spot rewards to staff.

The company claims that 80% of the Fortune 200 companies that offer on-demand pay use DailyPay’s platform. Notable clients include McDonald’s, T-Mobile, Berkshire Hathaway, and Kroger. During 2020, the company recorded revenue growth of 141%.

Key customers and partnership

In March 2024, DailyPay partnered with Visa+ to enhance platform interoperability through direct deposits into Visa+ linked accounts and integration with other digital payment apps. In May 2023, DailyPay partnered with UBS Arena through Oak View Group, a venue development, advisory, and investment company, to broaden its product reach by becoming the official “On-Demand Pay Partner” to UBS Arena and New York islanders.

Funding and financials

In January 2024, DailyPay raised USD 175 million in funding , which comprised USD 100 million via an incremental credit facility from Citi and USD 75 million in equity funding led by Carrick Capital Partners. The company earmarked the funds towards product innovation and supporting business expansion into adjacent business segments and new markets. The company also raised USD 260 million in funding from a revolving credit facility in January 2023 provided by Barclays and Angelo Gordon as well as a term loan financing from SVB Capital and a fund managed by Neuberger Berman. The company planned to use the funds to support its geographical expansion plans domestically and internationally and improve its platform’s technology and product offerings.