DailyPay, an on-demand pay platform and financial wellness solution, closed a new $195 million senior secured revolving credit facility, further strengthening the company’s capital position and providing greater financial flexibility to support long term growth.
“This new facility strengthens our balance sheet, enhances our financial flexibility and enables us to make focused investments in our future growth,” Deepa Subramanian, chief financial officer of DailyPay, said. “The additional financing demonstrates the strength and scalability of our business model and validates the critical role DailyPay holds in modernizing the employee pay experience.”
JPMorgan Chase Bank served as administrative agent and sole bookrunner for the lender group.
