DailyPay Secures $300 Million Credit Facility From Barclays in a Landmark Deal for the On-Demand Pay Industry
DailyPay, a leading technology platform, today announced it has secured a $300 million revolving credit facility from Barclays. The revolving credit facility will provide DailyPay access to significant capital to service its ever-growing roster of partners, which includes America’s leading employers.
“A fortress balance sheet is essential to be a leading company in on-demand pay,” said Jason Lee, CEO & Co-founder, DailyPay. “This credit facility will allow us to work with more of the largest employers in the country to offer on-demand pay to their employees.”
“This deal signals a first for our industry, and pioneers a new asset class,” said Ghani Iberraken, Vice President of Capital Markets, DailyPay. “We’re proud to strengthen our mission to create a financial system that works for everyone.”
Latham & Watkins LLP advised DailyPay and Mayer Brown LLP advised Barclays on the financing transaction.
Featured in Time Magazine’s “Best Inventions of 2021,” DailyPay announced in May 2021 that it secured $500 million of capital, including a $175 million Series D equity raise.
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