NEW YORK CITY, N.Y. —
DailyPay, a leading technology platform, today announced it has secured a $300 million revolving credit facility from Barclays. The revolving credit facility will provide DailyPay access to significant capital to service its ever-growing roster of partners, which includes America’s leading employers.
“A fortress balance sheet is essential to be a leading company in on-demand pay,” said Jason Lee, CEO & Co-founder, DailyPay. “This credit facility will allow us to work with more of the largest employers in the country to offer on-demand pay to their employees.”
“This deal signals a first for our industry, and pioneers a new asset class,” said Ghani Iberraken, Vice President of Capital Markets, DailyPay. “We’re proud to strengthen our mission to create a financial system that works for everyone.”
Latham & Watkins LLP advised DailyPay and Mayer Brown LLP advised Barclays on the financing transaction.
Featured in Time Magazine’s “Best Inventions of 2021,” DailyPay announced in May 2021 that it secured $500 million of capital, including a $175 million Series D equity raise.
DailyPay, powered by its industry-leading technology platform, is on a mission to build a new financial system. Partnering with America’s best-in-class employers, including Dollar Tree, Berkshire Hathaway and Adecco, DailyPay is the recognized gold standard in on-demand pay. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is building technology and the mindset to reimagine the way money moves, from the moment work starts. DailyPay is headquartered in New York City, with operations based in Minneapolis. For more information, visit www.dailypay.com/press.