Earned Wage Access Fintech DailyPay Reportedly Secures Additional $100 Million Credit Commitment from Citi

DailyPay, Inc., a worktech company and provider of earned wage access, today announced it has secured an additional $100 million commitment to its secured credit facility capacity from Citi.

The commitment doubles Citi’s commitment from $100 million to $200 million.

DailyPay‘s total revolving secured debt facility commitment now stands at $760 million which reportedly “includes $500 million from Barclays, $200 million from Citi, and $60 million from TPG Angelo Gordon.”

As stated in the update, the secured credit facility will now aim to provide DailyPay access to significant funding to “service its ever-growing roster of clients.”

As mentioned in the announcement, DailyPay currently partners with leading employers across various industries, from Fortune 500 companies to small businesses, in order to “offer earned wage access and other products and services to their workers.”

Employers who offer DailyPay claim to see significantly “positive impacts” on hiring and retention.

Users are said to be empowered to take control of their earned pay, enabling them to pay bills “on time while avoiding expensive fees associated with overdrafts, high-interest credit products, or payday loans.”

As noted in the announcement from the EWA Fintech firm, Latham & Watkins LLP advised DailyPay on the financing transaction.

As covered, DailyPay, Inc. explained that it is focused on transforming the way people get paid.

As a worktech company and the industry’s earned wage access solution, DailyPay uses a innovative technology platform to “help America’s top employers build stronger relationships with their employees.”

This voluntary employee benefit enables workers to “feel more motivated” to work harder and stay longer on the job while “supporting their financial well-being outside of the workplace.”

DailyPay is headquartered in New York City.

As covered last month, DailyPay had announced a key partnership with Montage International, the ultra-luxury hospitality management company headquartered in Southern California.

With DailyPay, Montage International team members across the US will have access to their “pay as they earn it.”

This benefit enables team members to settle bills, spend, invest, and save on their own schedules while having the visibility into their earnings that empowers them to make the “best financial decisions for themselves and their families.”

Montage International manages a wide portfolio consisting of hotels, resorts, and residences across the US.

The team officially introduced DailyPay to their benefits package to stand out in their “recruitment efforts” and encourage team members to “enhance their personal financial goals.”



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