Tech

Daily Pay Raises $ 500 Million

DailyPay, a leader in on-demand pay solutions for businesses, announced today that it has secured $ 500 million in capital.

The company is announcing a $ 175 million Series D equity round led by Carrick Capital Partners with the participation of existing investors. In addition, the company has announced that it has raised $ 325 million in credit capital from a variety of sources. In addition to expanding our position as a market leader in on-demand wages among the world’s largest employers, we will invest our newly raised capital in new market opportunities for our technology platform.

Jason Lee, CEO and Founder of Daily Pay, said: “The first application of our first technology platform was to redefine how money moves between employers and their employees. Now we are expanding the platform, Merchants and their shoppers, as well as financial institutions and their platforms, can build new financial systems by rewriting invisible money rules. “

With this round of funding, Daily Pay welcomes new investors, Carrick Capital Partners. “We are excited to welcome Carrick as a new partner and to our board of directors,” Lee said. “Carrick’s team has a solid track record of helping companies grow exponentially and enter the public market. We are delighted to be able to leverage their expertise at this crucial opportunity for Daily Pay. . “

Jim Madden, Co-Chief Executive Officer of Carrick Capital Partners, said: “We chose to invest in DailyPay because we believe that DailyPay has just begun to meet the enormous opportunity to provide on-demand payment solutions to global enterprises.”

Scot Parnell, Chief Financial Officer of Daily Pay, said: “This funding package creates a fortress balance sheet that can be deployed on behalf of employers and their employees.“ The on-demand pay industry is committed to ensuring the highest level of service, reliability and credibility. , Needs a very good capital balance sheet. “

80% of Fortune 200 companies offering on-demand pay partners with DailyPay. In the last 12 months, the company has reached several important milestones. In 2020, the company launched a range of new products and services that benefit employers, including tools that increase revenue by 141%, enable off-cycle payments, and send employee compensation payments. In addition, DailyPay announced ExtendPX, a unique white label solution for Payroll / HCM enterprises. They also continued to promote the formation of a regulatory environment, including signing a memorandum of understanding with California. DailyPay saw a significant increase in usage in 2020, sending payments every minute of the year to more than 6,000 different financial institutions in the United States.

FT Partners was the exclusive financial adviser to Daily Pay.

Daily Pay Raises $ 500 Million

Source link Daily Pay Raises $ 500 Million

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