DailyPay Secures $260 Million in Capital to Expand Globally and Invest in Product Innovation

Financial technology company DailyPay has raised $260 million in capital to expand domestically, internationally and invest in product innovation. The company announced Tuesday the funding is split between a revolving credit facility capacity from Barclays and Angelo Gordon, and new term loan funding from SVB Capital and a fund managed by Neuberger Berman. Last March, DailyPay announced a $300 million revolving credit facility from Barclays. The additional $100 million revolving credit facility from Barclays and $60 million from Angelo Gordon provides DailyPay with increased capital to support its expanding client base.

To deliver excellent customer service, #retailers need to recruit and retain the best talent.

See how DailyPay can attract skilled employees, boost retention, and help deliver exceptional customer experiences. https://t.co/sH598auIgm pic.twitter.com/KmyIS5hhrm

— DailyPay (@DailyPay) January 25, 2023

The $100 million in term loan funding will be used for continued product innovation and to accelerate growth. Latham and Watkins LLP advised the tech company on the transactions. The company says it’s seen a significant boost in revenue in the five months since Kevin Coop became CEO. The leader said on-demand pay has proved to be a “transformational financial wellness benefit” for employers and their employees and has high hopes for future market growth. “Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast space,” Coop said in a statement. CEO Kevin Cook highlighted says on-demand pay has become a “transformational financial wellness benefit” for employers and their employees. – Source: DailyPay “Our track record of investment from the world’s leading financial institutions validates our business and path forward. This latest funding further propels us to a position of strength,” he added. The company, which partners with Fortune 500 employers including Hilton, Target and Dollar Tree, offers on-demand pay strategies to help companies boost employee engagement, productivity, and retention. These strategies help employers activate their workforce and foster better relationships with their workers. For more information, check out https://www.dailypay.com/