DailyPay provides a payroll management platform. It offers services to employees for paying bills on time and avoiding late fees, helping them reach financial goals. The company allows employees access to manage wages across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. It was formally known as Beach HoldCo. It was founded in 2015 and is based in New York, New York.
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ESPs containing DailyPay
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The earned wage access (EWA) platforms market aims to solve the problem of people having to wait 2-4 weeks for their pay, which can lead to financial stress and reliance on high-cost credit options. EWA platforms allow employees to access their earned pay as they go, improving financial wellness and reducing turnover for employers. These platforms offer a range of benefits, including financial edu…
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Research containing DailyPay
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CB Insights Intelligence Analysts have mentioned DailyPay in 3 CB Insights research briefs, most recently on Mar 30, 2022.
Expert Collections containing DailyPay
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
DailyPay is included in 11 Expert Collections, including HR Tech.
The HR tech collection includes software vendors that enable companies to develop, hire, manage, and pay their workforces. Focus areas include benefits, compensation, engagement, EORs & PEOs, HRIS & HRMS, learning & development, payroll, talent acquisition, and talent management.
Unicorns- Billion Dollar Startups
This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.
Gig Economy Value Chain
Startups in this collection are leveraging technology to provide financial services and HR offerings to the gig economy industry
Companies in this collection provide technology that enables consumers and businesses to pay, collect, automate, and settle transfers of currency, both online and at the physical point-of-sale.
Track startups and capture company information and workflow.
DailyPay has filed 2 patents.
Machine learning, Web frameworks, Software architecture, Data management, Classification algorithms
Machine learning, Web frameworks, Software architecture, Data management, Classification algorithms
Latest DailyPay News
Sep 19, 2023
ZayZoon , a fintech firm that got its start charging employees $5 to get paid sooner, has raised $34.5 million in a Series B round co-led by Framework, EDC with participation from ATB Financial. CEO Dary Tuer says that the funds, which bring ZayZoon’s total raised to $75 million, will be put toward “doubling down” on ZayZoon’s growth and accelerating the development of new features on its product roadmap. “ZayZoon is on a mission to save 10 million employees 10 billion dollars. We will achieve that with a relentless focus on helping employees that are struggling to make ends meet,” Tuer told TechCrunch in an email interview. “At the same time, small- and mid-sized businesses are faced with their own financial challenges while struggling to recruit talent. ZayZoon helps employers recruit and reduce turnover while keeping employees away from predatory loans and unnecessary bank fees.” Tuer co-founded Calgary-based ZayZoon with Tate Hackert and Jamie Ha in 2014. Tuer, a serial entrepreneur, came on to scale Hackert’s initial proof of concept, and Tuer and Hackert met Ha, an investment banker, at a local startup event that ZayZoon was participating in. Hackert had the idea for the business several years before meeting Tuer and Ha. After making money working on a commercial fishing rig, Hackert — then 16 years old — lent cash through Craigslist and the Canadian classified ads site Kijiji to help employees bridge the gaps between paychecks. In the nearly ten years since its founding, Tuer claims that ZayZoon has become one of the fastest-growing apps of its kind, acquiring more than 10,000 business customers across the U.S. and partnering with more than 160 payroll providers. “ZayZoon provides employees with access to their earned wages whenever they need them, instead of having to wait until payday,” Tuer said. “This helps them stay away from payday loans or deal with unnecessary bank fees.” ZayZoon falls into the category of fintechs known as earned wage access (EWA), which largely operate on the same premise. For a fee — in ZayZoon’s case, $5 — employees can request a portion of their regular paycheck early. ZayZoon lets employees withdraw a minimum of $20 and a maximum of $200 each pay period. ZayZoon and other EWA companies pitch their products as a way to help customers avoid high-interest loans and credit cards. But the reality is often less rosy then their marketing suggests. Image Credits: ZayZoon Some consumer groups argue that EWA programs like ZayZoon’s should be classified as loans under the U.S. Truth in Lending Act, which provides protections such as requiring lenders to give advance notice before increasing certain charges. Users aren’t under a legal obligation to repay ZayZoon and ZayZoon won’t take action to collect payments. But because ZayZoon makes automatic withdrawals from users’ connected bank accounts, it can still force users into overdraft while effectively charging interest through its fees. ZayZoon offers a no-fee payout option. However, it requires employees to accept payments in the form of gifts cards for retail partners such as CVS and Target and to agree to share their personal information, including their name, date of birth, gender and address, for advertising purposes. (Workers can email ZayZoon’s customer support to request that their data be deleted, but there isn’t an in-app mechanism to make this easy.) A $5 per-pay-period fee might not sound like very much. But it can add up, especially for a low-income worker — and the consequences can be disastrous. Just $100 fewer in savings can make families more likely to pursue predatory lending and forgo utility bill payments, one 2020 study showed. And an estimated one in five families in the U.S. has less than two weeks of liquid savings. ZayZoon, like its rivals Refyne , Branch , DailyPay and Even , claim that they’re a retention tool for businesses. But it remains unclear whether EWA programs are a net positive for companies. Taking Walmart as an example, the retail giant had high hopes of boosting retention by giving employees access to earned wages early. Instead, it found that employees using the early wage access service tended to quit faster . EWA usage is on the rise, regardless. A 2021 report from research firm Aite-Novarica estimated that workers accessed $9.5 billion via EWA apps in 2020, up from $6.3 billion in 2019 and $3.2 billion in 2018. As their popularity among workers — particularly those with lower credit scores — grows, regulators are beginning to step in. In June, Nevada enacted a law that requires early wage access providers to be audited and examined by the state. The following month, Missouri passed a law that requires EWA companies to register with the state, pay a $1,000 registration fee and retain payment records for a minimum of two years. ZayZoon, which is one of the larger EWA startups with 102 employees, isn’t letting the increased scrutiny get in the way of expansion. “We are in regular discussions with the institutional investment community and decided to execute on an opportunistic raise,” Tuer said. “Strengthening our balance sheet will help us cement ZayZoon’s place as a category leader.”
DailyPay Frequently Asked Questions (FAQ)
When was DailyPay founded?
DailyPay was founded in 2015.
Where is DailyPay's headquarters?
DailyPay's headquarters is located at 55 Water Street, New York.
What is DailyPay's latest funding round?
DailyPay's latest funding round is Loan - II.
How much did DailyPay raise?
DailyPay raised a total of $1.078B.
Who are the investors of DailyPay?
Investors of DailyPay include Barclays Bank, Angelo Gordon, SVB Capital, Neuberger Berman, RPM Ventures and 11 more.
Who are DailyPay's competitors?
Competitors of DailyPay include ZayZoon, Immediate, Instant Financial, Clair, Tapcheck and 14 more.
What products does DailyPay offer?
DailyPay's products include DailyPay and 3 more.
Compare DailyPay to Competitors
PayActiv provides a financial wellness platform. The company offers a suite of services that include banking products, savings and budgeting tools, bill payments, and financial health measurements. It was founded in 2012 and is based in San Jose, California.
EarnIn operates as a financial technology company. It provides a platform that lets customers get paid for their working hours, without charging any interest on the payments that clients receive. The company was formerly as ActiveHours. It was founded in 2012 and is based in Palo Alto, California.
Branch operates as a business payment acceleration company. It offers digital payouts of tips, wages, and off-cycle payments, earned wage access, fee-free banking, and pay card alternatives. The company was founded in 2015 and is based in Golden Valley, Minnesota.
Wagestream operates as an employee financial wellness platform. It allows workers to access earned income at any time during the monthly pay cycle without impacting cash flow, payroll, or timekeeping processes. It was formerly known as Paydays Technology. The company was founded in 2018 and is based in London, United Kingdom.
Immediate is a financial wellness company. It provides financial wellness solutions that helps businesses to recruit, engage, and retain employees. It allows mployees to utilize their existing time through a time tracking management software that updates worked and wages earned and allows them to transfer those earnings to a bank account or loadable debit card. The company was founded in 2019 and is based in Birmingham, Alabama.
Tapcheck provides a financial wellness platform for employees that promotes both employee and employer financial well-being. It assists businesses all around the country in promoting financial wellness and improving business success by allowing employees to access earned wages. The company was founded in 2019 and is based in Tarzana, California.