The funding reportedly values the on-demand pay company at $1B. Here are the top-line bullets you need to know.
DailyPay, an on-demand pay service, has raised $175M in a Series D with participation from Carrick Capital and RPM Ventures, among others. The company also received $325M in a line of credit.
How’s the company performing?
- New York-based DailyPay is a on-demand pay platform that allows employees to get instant access to their wages and is compatible with HR payroll systems.
- The company has over 300 clients, including Berkshire Hathaway, Dollar Tree, Kroger, and Six Flags Entertainment.
- It has approximately 400 employees and saw its revenue grow by 141% in 2020.
- DailyPay recently launched ExtendPX, an application to aid payroll service providers to embed their on-demand pay solution into existing applications.
- The company remitted payments to over 6,000 financial institutions across the US in 2020.
Source: DailyPay
Why does the market matter?
- The global HR payroll software market is projected to grow at a CAGR of 4.9% and reach a value of $5.89B by 2025, according to Apex Market Research.
- The on-demand economy, the rise of flexible payment methods, and disruptions caused by Covid-19 have all contributed to the industry’s growth.
