DailyPay Reaches Unicorn Status With Latest Capital Raise
New York – June 7, 2021 – Cooley advised DailyPay, an on-demand pay solution for enterprises, on its $175 million Series D financing round, as well as its $325 million of credit capital from various sources. Sacha Ross and Ariel Rom led the Cooley team advising DailyPay on the investments, which propelled the fintech company to unicorn status.
Carrick Capital Partners led the round, which also included participation from existing investors. The company will invest its newly raised capital in new market opportunities for its technology platform, in addition to extending its market leadership position in on-demand pay among the largest employers in the world.
"Since 2016, we have partnered with world-class employers to enable their employees to access or save their pay as they earn it," Jason Lee, CEO and founder of DailyPay, said in a news release. "The initial application of our first-of-its-kind technology platform was to redefine how money moves between employers and their employees. We are now expanding our platform to change the relationship between merchants and their shoppers, as well as financial institutions and their customers. This platform enables us to create a new financial system by rewriting the invisible rules of money."
Powered by its industry-leading technology platform, DailyPay is the recognized gold-standard in on-demand pay. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, the company works to ensure that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is building technology and the mindset to reimagine the way money moves, from the moment work starts.
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