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DailyPay raises $325M in debt funding

DailyPay raises $175M Series D and $325M for debt financing. At the time this article was written, the company’s current valuation is $1B+.

Luisa Beltran/Barron’s Online

The company has been a huge success since its founding in 2013 by Jessica Mah, an entrepreneur. It is a working partner with growing numbers of businesses like Walmart, United Parcel Service, Adecco and other major staffing companies.

DailyPay currently has more than 120,000 employees on its platform. They are paid “nearly $500,000,000 every year.” Their goal is to negotiate better payments with major employers.

Jessica Mah, CEO, of DailyPay, said in a statement that DailyPay is enabling career workers to take control of their finances. “We are connecting more than 120,000 salaried employees with their employers and creating a platform which helps both employers and employees make better financial decisions about how much money they spend.”

The company raised $71M last May in its funding round. It has now surpassed $200M. It raised significant capital to finance its growth in December 2017.

The company is experiencing rapid growth. It now has over 100k paid customers. It has recently brought back many of its staff. The company has a huge value and I asked for more information. While this is a highly speculative scoop, I believe it’s high enough that CNBC and other news organizations have picked it up.

Xpring (a Ripple company) led the funding round. Greycroft is one of the other investors involved in this seed round.

Read more Luisa posts here https://www.barrons.com/authors/luisa-beltran

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