DailyPay, a leading financial technology business, said today that it has raised $260 million in cash to drive local growth, expand globally, and invest in product innovation. The money is split between revolving credit facility capacity supplied by Barclays and Angelo Gordon and fresh term loan finance provided by SVB Capital and a Neuberger Berman-managed fund.
In March 2022, DailyPay announced a $300 million revolving credit arrangement from Barclays. DailyPay now has extra capital to support its ever-growing client base thanks to the expanded revolving credit facility capacity ($100 million supplied by Barclays and $60 million granted by Angelo Gordon). The term loan capital of $100 million will be used to fuel DailyPay’s ongoing product innovation and accelerate growth.
The fundraise 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 roster of clients and has seen meaningful revenue growth.
