DailyPay Closes Transactions Totaling $175 Million; Company's Valuation Increases by 75%


"DailyPay, the leading on-demand pay company, today announced it has secured over $175 million to fuel growth. The funding is divided between $100 million of expanded secured credit facility capacity provided by Citi and over $75 million in equity financing, which valued the company at $1.75 billion on a pre-money basis...The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate DailyPay's continued product innovation and to drive its expansion into adjacent categories and new markets...'DailyPay's employer-integrated on-demand pay platform is putting power back in the hands of the worker by allowing them to track, transfer, spend or save their pay as they earn it,' said Kevin Coop, Chief Executive Officer of DailyPay. 'This latest equity capital raise, from both long-time institutional investors and new financial partners, underscores DailyPay's strength and market-leading position. We are eager to capitalize on this momentum as we continue to revolutionize the future of pay.'...DailyPay partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree. Employers who offer DailyPay see positive impacts on hiring and retention. Users are empowered to take control of their earned pay, enabling them to pay bills on time while avoiding unnecessary fees associated with overdraft, high-interest credit products or payday loans."


https://www.prnewswire.com/news-releases/dailypay-closes-transactions-totaling-175-million-companys-valuation-increases-by-75-302038413.html

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