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DailyPay
Fintech
DailyPay is a New York-based fintech company providing on-demand pay technology that lets employees access wages they've already earned before their scheduled payday.
$1.31B
+$23.42
1,743.89%
30 days ago
$1.34
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DailyPay was founded in 2015 by Jason Lee, building technology that lets employers offer their workers the ability to access a portion of wages they have already earned, based on hours worked so far in the current pay period, before the employer's standard payroll schedule would otherwise pay them, addressing a genuine cash flow challenge faced by many hourly and lower-wage workers who may need funds for an unexpected expense but would otherwise have to wait days or weeks until their next scheduled payday, sometimes turning to expensive alternatives such as payday loans or overdraft fees in the interim. DailyPay's technology integrates with an employer's existing payroll and timekeeping systems to track hours worked and earnings accrued in real time, then lets employees request access to a portion of those already-earned wages on demand, typically for a small transaction fee, with the technology reconciling against the employer's normal payroll run so that the employee's regular paycheck is simply reduced by the amount already advanced, rather than functioning as a loan that creates separate debt obligations. This "earned wage access" category has grown significantly as an increasing number of large employers, particularly in industries with substantial hourly and shift-based workforces such as retail, healthcare, and hospitality, have added it as an employee benefit intended to improve financial wellness and reduce the financial stress that can contribute to employee turnover in these industries. DailyPay has positioned itself as a benefit that employers offer at low or no direct cost to themselves, with employees typically bearing modest transaction fees for expedited access, though the earned wage access industry as a whole has faced some regulatory scrutiny regarding fee structures and whether certain product designs should be treated similarly to traditional short-term lending products. DailyPay has raised substantial venture funding from investors including Group 11, Green Visor Capital, and Bain Capital Ventures, reaching a valuation exceeding $2 billion, competing with other earned wage access providers including Payactiv and EarnIn.
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