DailyPay announced it has secured $260 million in capital to fuel growth domestically, expand internationally, and further invest in product innovation. 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.
DailyPay first announced a $300 million revolving credit facility from Barclays in March 2022. The additional revolving credit facility capacity ($100 million provided by Barclays and $60 million from Angelo Gordon) provides DailyPay with more capital to service its ever-growing roster of clients. The $100 million in term loan funding will be invested to fuel DailyPay’s continued product innovation and accelerate growth.
The fundraising announcement comes five months after Kevin Coop joined DailyPay as Chief Executive Officer. In his first five months as CEO, DailyPay has significantly grown its client roster and seen meaningful revenue growth.