DailyPay has announced that it has secured $260 million in capital to drive domestic growth, expand internationally and further invest in product innovation. Funding will be split between revolving credit facility capacity provided by Barclays and Angelo Gordon and new term loan funding from funds managed by SVB Capital and Neuberger Berman.
DailyPay first announced a $300 million revolving credit facility from Barclays in March 2022. Additional revolving credit facility capacity (his $100 million from Barclays and his $60 million from Angelo Gordon) will give DailyPay more capital to serve its growing roster of clients. Offers. The $100 million term loan funding will be invested to fuel DailyPay’s continued product innovation and accelerate growth.
The funding announcement comes five months after Kevin Coop joined DailyPay as CEO. In his first five months as CEO, DailyPay has significantly expanded its customer roster and achieved significant revenue growth.
“On-demand payments have proven to be a game-changing financial wellness benefit for employers and their employees, and DailyPay is a proven market leader. It’s about getting more of the market, which is a vast green space.”
DailyPay CEO Kevin Coop said:
“The trust and investment track record from some of the world’s leading financial institutions is a testament to our business model and future direction. This latest funding puts us in an even stronger position.” .”
DailyPay partners with leading employers across industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree. The company’s latest insightful compensation strategies help companies engage their employees and build stronger relationships with them.
This article first appeared on FinTech News.am
Featured image credit: Kevin Coop, CEO of DailyPay