DailyPay, the leader in on-demand pay solutions for enterprises, today announced it has secured $500 million of capital. The company is announcing a $175 million Series D equity round led by Carrick Capital Partners with participation from existing investors. In addition, the company is announcing it has raised $325 million of credit capital from various sources.
“Since 2016, we have partnered with world-class employers to enable their employees to access or save their pay as they earn it,” said Jason Lee, Chief Executive Officer and Founder of DailyPay. “The initial application of our first-of-its-kind technology platform was to redefine how money moves between employers and their employees. We are now expanding our platform to change the relationship between merchants and their shoppers, as well as financial institutions and their customers. This platform enables us to create a new financial system by rewriting the invisible rules of money.”
The company intends to invest its newly raised capital in new market opportunities for its technology platform, in addition to extending its market leadership position in on-demand pay among the largest employers in the world.
Announcement: DailyPay Raises $175M for On-Demand Pay