DailyPay, Inc., a leader in earned wage access and worktech solutions, has announced an increase to its credit facility, now totaling $760 million. With Citi doubling its commitment from $100 million to $200 million, DailyPay gains additional support to expand its client base and provide workers with on-demand pay options.
Key Highlights of the Funding Expansion
- Increased Credit Facility
- Citi has expanded its commitment to $200 million, doubling its initial investment, alongside contributions from Barclays ($500 million) and TPG Angelo Gordon ($60 million).
- Supporting Financial Well-being
- DailyPay’s services enable workers to access their earned wages in real-time, helping them avoid costly overdrafts, high-interest loans, and payday advances.
- Client and Worker Impact
- Partnering with top employers, DailyPay’s solutions enhance employee retention and recruitment by empowering users with greater financial control and flexibility.
Statements from DailyPay Leadership
- CEO Stacy Greiner
- “This addition speaks to our dedication to our clients and their workers, providing them with the means to live better financial lives through DailyPay.”
- CFO Ken Brause
- “Citi’s increased support reflects strong financial backing as we continue our growth trajectory.”
Partnerships Across Industries
DailyPay collaborates with employers in multiple sectors, from Fortune 500 companies to smaller enterprises, allowing workers to access pay when needed and promoting financial stability. This expansion underscores the growing demand for flexible pay solutions that improve financial outcomes for workers.
The enhanced credit facility fortifies DailyPay’s mission to provide financial empowerment for millions of workers, supporting its partnerships and fostering greater employee financial well-being. With substantial backing from Citi, Barclays, and TPG Angelo Gordon, DailyPay is positioned for further expansion and innovation in earned wage access.
