Funding Round attributes
DailyPay Secures Additional $100 Million Credit Commitment from Citi, Strengthening Financial Flexibility for On-Demand Pay Solutions
DailyPay, a leader in on-demand pay solutions, recently announced an additional $100 million credit commitment from Citi. This increase brings Citi's total credit facility commitment to DailyPay up to $200 million, significantly bolstering the company’s financial foundation. As part of DailyPay’s overall credit facility, this new commitment further elevates DailyPay's total revolving secured debt facility to an impressive $760 million. The funding round underscores the financial community’s confidence in DailyPay’s growth strategy and the increasing relevance of on-demand pay solutions.
Founded with the mission to provide employees with real-time access to their earned wages, DailyPay partners with some of the largest employers in the U.S. to facilitate on-demand access to pay. By giving employees the choice to access their wages instantly instead of waiting for the traditional biweekly payroll cycle, DailyPay addresses a critical need among workers facing cash flow challenges. With the new credit commitment, the company aims to continue scaling its technology, enhance its platform, and reach more businesses and employees across various sectors.
