Today, I’m excited to share that DailyPay has raised $500 million of capital to expand our technology platform and to continue to transform the way money moves.
Back in 2016, we began wondering whether we could leverage technology to fix one of the most confounding elements of money movement. Quite simply, we could not understand why we get paid weeks after we work?
And so we began working on something that today is now called “on-demand pay.” And since then, these past five years have brought a lifetime of change and progress to an industry that we started and have since led. Our employer partners now include world-class companies in the Fortune 100, in addition to amazing enterprises around the country. These companies adopt our technology to enable their employees to control the timing of their pay, without changing a single thing about their current payroll process.
From a strategy standpoint, since Day 1, I’ve always said that this is not about us. It never has been, and it never will be. It is about our employer partners and their employees. It is about how we can create value for them. Period, full stop. This maniacal obsession with serving the interests of our partners and users is what has led to DailyPay becoming the first unicorn in our industry through this financing.
To help us along on our continued journey, we are thrilled to welcome Carrick Capital Partners as the lead equity investor in this financing round. On a personal note, I am super excited that Carrick’s founder, Jim Madden, has decided to join the DailyPay Board of Directors. Jim already serves on a number of public company boards, and I am looking forward to learning from him. In addition, I am thrilled to be able to share that every single existing major investor also chose to reinvest in DailyPay, a testament to their long-standing commitment and partnership to the company.
Also today, we are also announcing our expanded mission. While we began in the area of disrupting how money moves between employer and employee, we now see opportunities in changing the relationships between merchant and shopper, and financial institution and customer. Today our first-of-its-kind technology platform combines a massive data network with tens of millions of nodes, over six thousand connections with endpoints in the banking system, and a unique and proprietary funding model that results in a consumer knowing her Pay Balance. The Pay Balance is a balance like any other financial balance, in that it’s just your money. Usable, consumable, spendable, saveable. Knowing one’s Pay Balance is the key to changing these relationships. Consequently, our expanded mission is to build a new financial system for all stakeholders — one that starts working, the minute work starts. A system where money is always in the right place, at the right time, for everyone.
To our employer partners: we are doubling down on our commitment to make you the best version of yourselves. We wake up every morning thinking about how we can serve you in the most profound and memorable ways. To our users: we know that every dollar of every payment matters. That’s why we are investing this capital in building ways to make sure that your money is always in the right place, at the right time. And to the ride-or-die DailyPayers who are ride-or-die committed to our mission: let’s continue moving the line, and changing the world.
- To read our official press release, click here.
- To see our Wall Street Journal news coverage, click here.
- To see our Barron’s news coverage, click here.
- To see our CEO, Jason Lee, speak on Yahoo Finance, click here.
Want to learn more about how Daily Pay is changing pay, for good?