DailyPay, a NYC-based financial technology company, secured $260m in funding.
The funding is divided between revolving credit facility capacity provided by Barclays and Angelo Gordon, and new term loan funding from SVB Capital and a fund managed by Neuberger Berman.
The company intends to use the capital to accelerate growth domestically, expand internationally and further invest in product innovation.
Led by Kevin Coop, Chief Executive Officer, DailyPay delivers an on-demand pay solution with modern, insight-driven pay strategies for employers to activate their workforce and build relationships with their employees, so they feel more engaged, work harder, and stay longer. The company partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree.
DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast.