DailyPay secures $175m in debt and equity to tap new markets
US-based fintech DailyPay has raised $75 million in equity financing from new and existing investors led by Carrick Capital Partners and secured a $100 million expansion of its credit facility.
DailyPay secures $175m in debt and equity
The additional credit capacity has been provided by Citi and builds on an existing $500 million commitment by Barclays and a $60 million commitment by the newly-merged TPG Angelo Gordon, bringing the fintech’s total revolving debt facility up to $660 million.
Ken Brause, chief financial officer of DailyPay, says the fresh funding “comes as we continue to rapidly add new clients and users to our platform and reflects the size, scale and trajectory of the business”.
DailyPay, which is headquartered in New York City and provides an on-demand pay solution for corporates including BMO and Santander, says the latest equity raise valued the company at $1.75 billion on a pre-money basis, which it claims is a 75% increase.
The company plans to deploy the new capital to further accelerate its product development and fuel its push into “adjacent categories and new markets”.
