DailyPay, a technology platform, secured a $300 million revolving credit facility from Barclays. The revolving credit facility will provide DailyPay access to capital to service its roster of partners, including many employers in the United States.
“A fortress balance sheet is essential to be a leading company in on-demand pay,” Jason Lee, CEO and co-founder of DailyPay, said. “This credit facility will allow us to work with more of the largest employers in the country to offer on-demand pay to their employees.”
“This deal signals a first for our industry and pioneers a new asset class,” Ghani Iberraken, vice president of capital markets at DailyPay, said. “We’re proud to strengthen our mission to create a financial system that works for everyone.”
Latham & Watkins advised DailyPay and Mayer Brown advised Barclays on the financing transaction.
Featured in Time’s “Best Inventions of 2021,” DailyPay announced in May 2021 that it secured $500 million of capital, including a $175 million Series D equity raise.
