Payroll Biz DailyPay Raises $500M In To Boost Payments Tech

Law360 (May 18, 2021, 4:07 PM EDT) -- Enterprise payroll business DailyPay said Tuesday it has raised $500 million in debt and equity to bolster its payments technology and expand into the retail and finance sectors.

New York-headquartered DailyPay said it raised $175 million in a Cooley LLP-guided Series D equity round and $325 million in capital credit. The announcement did not specify the creditors. DailyPay offers on-demand payment services for employers that allows employees to access their funds as they earn them, which it says cuts down on employee turnover and overdraft fees as well as providing convenience for employers. The company counts Dollar Tree, Berkshire Hathaway and human...

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