DailyPay lands $260m funding to fuel growth

DailyPay, a US-based provider of on-demand payment solutions, has secured $260 million in funding to help boost its growth.

This funding is a combination of a revolving credit facility and new term loan funding, with $100 million from Barclays and $60 million from Angelo Gordon for the former and $100 million from SVB Capital and a Neuberger Berman-managed fund for the latter.

The funds will be used to support the firm’s expansion domestically, globally, and for product development. The CEO of DailyPay, Kevin Coop, who joined the company five months ago, stated that the firm sees a significant opportunity in the market for on-demand pay, which he considers to be a transformative financial benefit for employees and employers.

DailyPay was founded in 2016 and is headquartered in New York City with additional operations in Minneapolis and Belfast.