Tapcheck, an on-demand pay provider, announced it has raised $225 million in combined equity and debt financing.
This latest investment round reportedly includes a $25 million Series A extension round led by existing investor, PeakSpan Capital, and a $200 million credit facility provided by Victory Park Capital.
Founded in 2019 by Ron and Kayling Gaver, Tapcheck emerged from the duo’s vision to “address the financial difficulties caused by traditional pay cycles.”
The company enables workers to access their earned wages before payday, easing “the paycheck-to-paycheck strain and in turn, improving employee morale, retention, and productivity.”
Tapcheck’s on-demand pay platform integrates with nearly 300 payroll and timekeeping systems, offering a “precise experience for employers and employees.”
Provided at no cost to employers, Tapcheck allows employees to “safely and responsibly access their earned wages, helping them avoid hidden fees and have greater financial flexibility.”
Employers using Tapcheck report “over 50% improvement in employee retention, with 70% of employees noting that it reduces their financial stress.”
In the past five years, Tapcheck has reportedly facilitated “over $1 billion in early wage funding and served 12,000 employer locations.”
The company is committed “to security, compliance, and transparency, ensuring payroll control remains intact for organizations.”
Tapcheck’s earned wage access engine provides “accuracy in wage calculations, enhancing financial transparency and boosting employee engagement.”
Tapcheck partners with companies “like Hilton, Planet Fitness, Taco Bell, and Jiffy Lube and has achieved remarkable milestones, including significant user adoption in the quick-service restaurant (QSR) sector—serving 112,000 McDonald’s employees and enabling over $160M in advance wage disbursement—as well as hundreds of thousands of frontline caregivers working in skilled nursing, home health, and rehabilitation sectors.”
Jack Freeman, partner at PeakSpan Capital said:
“Over the last three years, we’ve witnessed Ron and Kayling assemble a world class team, build game changing products and amplify reach through growing by over 20x. They’ve done so while tripling down on user experience, payroll accuracy, integrations and onboarding – Tapcheck’s standout strengths, enabling the business to drive maximum value to the end user wage worker.”
The capital injection from the funding round will support the continued “development of Tapcheck’s newest product, designed to give millions of employees early access to their wages.”
It will enhance the accessibility of Tapcheck’s Mastercard offering and accelerate “the expansion of its AI capabilities.”
Through these advancements, Tapcheck aims to solidify its position as a key player claiming to be focused on “next generation of earned wage access solutions.”
