DailyPay joined the Unicorn Club on May 18, 2021, after raising a $175 million Series D funding round led by Carrick Capital Partners, valuing the company at $1 billion. Headquartered in New York City, New York, United States, DailyPay develops an employee financial benefits platform that gives workers instant access to their earned wages before payday.
Keep reading to see how DailyPay built a billion-dollar business by transforming how employees access and manage their pay.
What Is DailyPay and What Does It Do?
Founded in 2015, DailyPay offers an on-demand pay platform that enables employers to provide earned wage access (EWA) to their employees. Through its system, workers can view their accumulated earnings in real-time and instantly transfer funds to their bank accounts when needed without waiting for traditional pay cycles.
The platform integrates directly with employer payroll and timekeeping systems, ensuring compliance, accuracy, and secure fund movement. DailyPay caters to sectors such as retail, healthcare, hospitality, and gig work, helping businesses boost employee satisfaction and retention while reducing financial stress.
How Much Funding Has DailyPay Raised?
- Series D and Earlier Rounds
- Cumulative Funding: ~$264 million
- Key Investors: Carrick Capital Partners, Section Partners, EQUIAM
- Purpose: Expand earned wage access capabilities, strengthen integrations with employers, and enhance mobile app experience
- Conventional Debt Round
- Amount Raised: $100 million
- Date: January 18, 2024
- Purpose: Fund product expansion, partnerships, and new financial tools for employees
Total Funding Raised: ~$264 million
Latest Funding Date: January 18, 2024
Latest Known Valuation: ~$1 billion
Employee Count: 845 (as of December 31, 2023)
Stage: Series D
Key Investors
- Carrick Capital Partners
- Details: Growth equity firm investing in technology-enabled businesses.
- Focus Areas: Fintech, SaaS, and workforce innovation platforms.
- Section Partners
- Details: Provides creative capital solutions for high-growth private companies.
- Focus Areas: Technology, finance, and HR tech sectors.
- EQUIAM
- Details: Investment firm focused on data-driven private market investments.
- Focus Areas: Fintech, HR technology, and employee benefit platforms.
Where Is DailyPay’s Headquarters?
DailyPay is headquartered in New York City, New York, United States. The company operates across multiple U.S. locations, with a focus on product development, employer partnerships, and customer service operations.
What’s Next for DailyPay?
DailyPay aims to expand its on-demand pay infrastructure globally, introducing new financial wellness tools, including savings, budgeting, and rewards, within its app. The company continues to build partnerships with large employers to drive adoption of earned wage access as a standard employee benefit.
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