DailyPay Receives $175M in Funding

DailyPay, a NYC-based on-demand pay company, secured over $175m in debt and equity funding. The funding was divided between: • $100m of expanded secured credit facility capacity provided by Citi; and • over $75m in equity financing, which valued the company at $1.75 billion on a pre-money basis. The equity financing came from both existing and new investors, led by Carrick Capital Partners. The company intends to use the equity funding to further accelerate its continued product innovation and to drive its expansion into adjacent categories and new markets. Led by Kevin Coop, Chief Executive Officer, DailyPay provides an on-demand pay solution for employers to build relationships with their employees.