24 January 2023, New York — leading provider of financial technology, DailyPay, revealed that it has raised USD 260 million in funding to support local and worldwide expansion and more product innovation. The capital is split between new term loan funding from SVB Capital and a fund managed by Neuberger Berman and revolving credit facility capacity supplied by Barclays and Angelo Gordon.
In March 2022, DailyPay announced a $300 million revolving credit line with Barclays. The new revolving credit facility capacity will provide DailyPay more money to serve its steadily expanding clientele ($100 million from Barclays and $60 million from Angelo Gordon). The $100 million in term loan capital will be used to accelerate and support DailyPay’s ongoing product innovation.
The fundraising news comes five months after Kevin Coop started working as DailyPay’s CEO. DailyPay has witnessed tremendous customer roster development during his first five months as CEO and a significant revenue increase.
“For businesses and their employees, on-demand pay has become a game-changing financial health benefit, and DailyPay is the clear industry leader. Our current opportunity is to increase our market share in the disproportionately large green space sector “Kevin Coop, DailyPay’s CEO, made this statement. “Our business strategy and future directions are validated by the trust and investment we have received from the top financial institutions in the globe. Thanks to this most recent funding, we are now in a stronger position.”
On the financing transactions, DailyPay received advice from Latham & Watkins LLP.
Leading employers from various sectors, such as Fortune 500 firms like Hilton, Target, Kroger, and Dollar Tree, collaborate with DailyPay. With the support of the company’s cutting-edge, insight-driven compensation practices, businesses can engage their workforce and forge closer bonds with their staff, encouraging them to work harder and stay longer.
DailyPay, Inc. aims to create a new financial system that works for everyone, supported by its market-leading technological platform. With its premier on-demand pay solution and cutting-edge, insight-driven pay practices, DailyPay helps America’s top businesses connect their workforce and forge closer bonds with their staff members, encouraging them to work more and stay longer. Belfast and Minneapolis serve as the operational hubs for DailyPay, which has its corporate office in New York City.
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