DailyPay Raises $500 Million Of Capital, Powering Its Mission To Transform The Financial System
NEW YORK, May 18 2021, /PRNewswire/– DailyPay is the market leader in on-demand payments for businesses today announced that it has raised $500 million in the capital. The company announced the one-year, $175 million Series D equity round that is led by Carrick Capital Partners with the participation of existing investors.
[su_highlight]Dailypay $175m series $ 325m Barron Online[/su_highlight]
Additionally, the business announces the raising of $325 million in credit capital from different sources. The company plans to invest the newly acquired capital into new market opportunities for its technology platform as well as extending its leadership position in the field of on-demand pay for the top employers around the world.
“Since 2016, we’ve worked with top employers to allow their employees to have access to or save their earnings when they earn it,” stated Jason Lee CEO and the founder of DailyPay. “The primary goal behind our platform of technology was to transform the method by which money moves between employees and employers. We’re growing our system to transform the relationship between retailers and their customers and banks and customers. The platform lets us build a new financial system by changing the laws of the money.”
In this round of financing, DailyPay welcomes new investor Carrick Capital Partners. “We are thrilled to be able accept Carrick as a new partner and in our of the Board of Directors on our company,” added Lee. “The Carrick team Carrick has an impressive track history of helping companies expand exponentially and join the public markets. We are thrilled to draw on their expertise during this pivotal moment of opportunity to offer DailyPay.”
“We have witnessed the growth in the industry of on-demand payments and how DailyPay is leading the market,” said Jim Madden Co-CEO of Carrick Capital Partners. “We decided to make a bet on DailyPay right now, as we believe they’re just beginning to take advantage of the huge opportunity to offer on-demand payment solutions to multinational companies.”
“This package of financing is solid and is a great tool for the use of employers and employees they employ,” explained Scot Parnell, Chief Finance Officer of DailyPay. “The online pay industry needs an extremely well-capitalized balance sheet in order to guarantee the highest level of service with reliability, trust and security.”
The majority from Fortune 200 companies that offer Pay-on-demand services with DailyPay. In the past twelve months, the company has hit a few significant milestones. The company increased revenue by 141% by 2020, and also released a series of new services and products which can be beneficial to employers, including tools to facilitate off-cycle payment and to transfer employee reward payments. Also,
DailyPay launched ExtendPX, its own White-label service for companies that manage payroll and HRM. They also continued to lead the development of the regulatory framework, for example, by signing an Memorandum Of Understanding in partnership with California. State of California. DailyPay has seen significant increases in its use in 2020. They were able to make payments each minute throughout the year to more than 6,000 financial institutions across the United States.
FT Partners served as the sole financial advisor to DailyPay.
The DailyPay
DailyPay powered by its leading technology platform and is on a quest to create a brand-innovative financial infrastructure. In partnership with America’s top employers such as Dollar Tree, Berkshire Hathaway and Adecco,
DailyPay is the most renowned gold standard in on-demand payments. With its huge data network, its unique funding model and connections to more than 6,000 of financial systems DailyPay makes sure that the money is always in the correct place at the appropriate time for employers, banks and merchants.
DailyPay is developing technology and the mentality to change how money flows, starting from when work begins. DailyPay is founded in New York City, with operations in Minneapolis. For more information,
visit www.dailypay.com/press
Contact: David Schwarz or Sehrish SayaniEmail: press@trydailypay.com
Website: http://www.dailypay.com/
