DailyPay, a financial technology company, secured $260 million of capital to fuel growth domestically, expand internationally and further invest in product innovation. The funding is divided between revolving credit facility capacity provided by Barclays and Angelo Gordon, and new term loan funding from SVB Capital and a fund managed by Neuberger Berman.
DailyPay first announced a $300 million revolving credit facility from Barclays in March 2022. The additional revolving credit facility capacity ($100 million provided by Barclays and $60 million from Angelo Gordon) provides DailyPay with more capital to service its ever-growing roster of clients. The $100 million in term loan funding will be invested to fuel DailyPay’s continued product innovation and to accelerate growth.
“On-demand pay has proven to be a transformational financial wellness benefit for employers and their employees, and DailyPay is the proven market-leader. Now, our opportunity lies in capturing more of the market, which is overwhelmingly vast green space,” said Kevin Coop, CEO of DailyPay, said. “Our track record of trust and investment from the world’s leading financial institutions validates our business model and path forward. This latest funding further propels us to a position of strength.”
Latham & Watkins advised DailyPay on the financing transactions.