US fintech DailyPay lands $260m funding to fuel growth
US-based on-demand pay solution provider DailyPay has landed $260 million in funding as the firm looks to accelerate its growth.
DailyPay raises $260m
The total funding is made up of a mix of revolving credit facility capacity and new term loan funding. The revolving credit facility has been provided by Barclays ($100 million) and Angelo Gordon ($60 million), and the $100 million in new term loan funding comes from SVB Capital and a fund managed by Neuberger Berman.
DailyPay had initially secured a $300 million revolving credit facility from Barclays in March 2022.
The company says the cash will be used to fuel domestic growth, expand internationally and invest in product innovation.
“On-demand pay has proven to be a transformational financial wellness benefit for employers and their employees,” says Kevin Coop, who joined DailyPay as CEO five months ago. “Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast green space.”
Founded in 2016, DailyPay is headquartered in New York City with operations in Minneapolis and Belfast.
