DailyPay Secures Additional $100MM Credit Commitment from Citi

DailyPay, a worktech company and provider of earned wage access, secured an additional $100 million commitment to its secured credit facility capacity from Citi. The additional commitment doubles Citi’s commitment from $100 million to $200 million._x000D_
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DailyPay’s total revolving secured debt facility commitment now stands at $760 million, which includes $500 million from Barclays, $200 million from Citi and $60 million from TPG Angelo Gordon._x000D_
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The secured credit facility will provide DailyPay access to significant funding to service its ever-growing roster of clients._x000D_
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“This addition to our credit facility speaks to our unwavering dedication and commitment to our clients and their millions of daily workers who leverage DailyPay to live a better financial life,” Stacy Greiner, CEO of DailyPay, said._x000D_
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“Citi’s increased commitment is a testament to the continuing support world-class financial institutions have provided in financing our rapid growth and upward trajectory,” Ken Brause, chief financial officer of DailyPay, said._x000D_
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Latham & Watkins advised DailyPay on the financing transaction.