Total amount raised
$281 Million
Latest funding date
1/1/2023
Location
DailyPay has successfully navigated 16 funding rounds, securing investments from notable backers such as Access Industries and Citi. The platform offers on-demand pay solutions, allowing employees to access their earned wages before payday.
Keep reading to explore the intricacies of DailyPay's fundraising journey and the investors backing this innovative platform.
What Is DailyPay?
DailyPay is a FinTech company headquartered in New York, New York, that specializes in on-demand pay solutions. The platform allows employees to access their earned wages before payday, enhancing financial wellness and control over earnings.
Operating in industries such as employee benefits, enterprise applications, and financial services, DailyPay serves a diverse range of sectors including healthcare, retail, and manufacturing. The company employs between 501 and 1000 people, contributing to its robust service offerings and innovative solutions.
How Much Funding Has DailyPay Raised?
- Debt Financing
- Amount Raised: USD 300,000,000
- Date: March 2022
- Lead Investors: Barclays Corporate Banking
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support DailyPay's growth and service its expanding client base.
- Debt Financing
- Amount Raised: USD 260,000,000
- Date: January 2023
- Lead Investors: Barclays Corporate Banking
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance DailyPay's financial products and services.
- Series Unknown
- Amount Raised: USD 300,000
- Date: December 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and minor expansions.
- Series Unknown
- Amount Raised: USD 75,000,000
- Date: January 2024
- Lead Investors: Carrick Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and expand market reach.
- Debt Financing
- Amount Raised: USD 100,000,000
- Date: January 2024
- Lead Investors: Citi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support DailyPay's growing client base and enhance service capabilities.
- Debt Financing
- Amount Raised: USD 100,000,000
- Date: October 2024
- Lead Investors: Citi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ensure continued service to clients and support financial product offerings.
- Debt Financing
- Amount Raised: USD 200,000,000
- Date: June 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand DailyPay's market presence and service capabilities.
Total Amount Raised: USD 1,035,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- Access Industries
- Details: Access Industries is a privately held industrial group founded by Len Blavatnik. It has investments in natural resources, chemicals, media, telecommunications, and technology.
- Investment Focus Areas: Natural resources, chemicals, media, telecommunications, technology.
- Notable Investments: Warner Music Group, LyondellBasell, DAZN.
- Citi
- Details: Citi, or Citigroup Inc., is an American multinational investment bank and financial services corporation. It provides a wide range of financial products and services to consumers, corporations, governments, and institutions.
- Investment Focus Areas: Investment banking, financial services, wealth management.
- Notable Investments: Fintech startups, real estate developments, large-scale infrastructure projects.
- Barclays
- Details: Barclays is a British multinational investment bank and financial services company. It offers services in investment banking, wealth management, and personal banking.
- Investment Focus Areas: Investment banking, wealth management, personal banking.
- Notable Investments: Fintech companies, healthcare innovations, renewable energy projects.
- TPG Angelo Gordon
- Details: TPG Angelo Gordon is a global alternative investment firm. It specializes in credit, real estate, and private equity investments.
- Investment Focus Areas: Credit, real estate, private equity.
- Notable Investments: Real estate properties, private equity ventures, credit market opportunities.
- Carrick Capital Partners
- Details: Carrick Capital Partners is a private equity firm that focuses on technology-enabled businesses. It provides growth capital and operational expertise to its portfolio companies.
- Investment Focus Areas: Technology, healthcare, business services.
- Notable Investments: Infinia ML, Mavenlink, Everspring.
What's Next for DailyPay?
DailyPay stands at the cusp of significant growth opportunities, bolstered by a robust $760 million revolving secured debt facility. This financial backing positions the company to expand its earned wage access solutions to a broader range of employers and employees, enhancing its service offerings and operational capabilities. The increasing demand for financial wellness benefits and the trend towards on-demand pay solutions present a fertile ground for DailyPay to strengthen its market position.
Future fundraising opportunities appear promising, with the potential for additional credit commitments and strategic investments from financial institutions. This influx of capital could further support DailyPay's growth initiatives, including technology enhancements and market expansion. However, the company may face challenges such as regulatory compliance, competition from other fintech firms, and ensuring data security. Navigating these hurdles will be crucial as DailyPay continues to innovate and lead in the worktech industry.
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