DailyPay
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2015 |
| Founder |
|
| Headquarters | New York, NY, U.S.A. |
Key people | Kevin Coop (CEO) Stacy Greiner (COO) |
| Services | Earned wage access |
Number of employees | 800 (2020[1]) |
| Website | www |
DailyPay is an American financial services company founded in 2015, which provides payroll services such as earned wage access.[2] DailyPay charges up to $3.49 for users to receive 100% of their earned but unpaid income.
History
[edit]DailyPay was founded in 2015 by Jason Lee and Rob Law.[3] The company allows other organizations and payroll providers to offer early access wages to employees.[4] The service is often used by companies with low-wage employees, who work paycheck-to-paycheck.[5][6]
Employees who use the service are charged no fee to arrange a wage or partial wage withdrawal a day or two or three ahead of time. Or, they can be charged a small fee (currently $2.99 as of 2024) to instantly withdraw their wages. Not all wages are available this way (some are held back until payday), but Daily Pay also offers a pre-paid Visa debit card which has no fees and offers all wages, holding nothing back from potential withdrawals but participants must sign up to have their direct deposits sent to Daily Pay. [7] The service also allows users to check their balances and track earned wages through their employers.[citation needed]
In September 2016, the company raised $5 million in financing during its Series A Round.[8][9] In February 2018, the company raised $9 million in Series B funding.[10]
In 2018, human resources company ADP announced that it would be offering early wage access to its clients through DailyPay.[11]
As of 2020, the company had roughly 500,000 active users, and had partnered with companies such as Burger King, Uber, DoorDash and Shiftgig.[12][13]
In 2021, the company received an honorable mention on Fast Company's "World Changing Ideas Awards".[14]
References
[edit]- ^ "Championing Diversity in FinTech: NYC Based DailyPay". 21 June 2020.
- ^ Kauflin, Jeff. "VCs Bet $40 Million On Money App For Those Living Paycheck To Paycheck". Forbes. Retrieved 2021-05-10.
- ^ "FinTech profile: DailyPay, the payroll game-changer | Venture Capital". www.fintechmagazine.com. Retrieved 2021-05-10.
- ^ Harrison, Polly Jean (2021-01-12). "DailyPay: What The Recent CFPB Compliance Regulations Means for Earned Wage Access". The Fintech Times. Retrieved 2021-05-10.
- ^ Sheng, Ellen (2020-03-30). "Companies offer cash-strapped employees daily pay cards and other flex-pay options as a lifeline". CNBC. Retrieved 2021-05-10.
- ^ "Do paycheck advance apps improve financial health?". American Banker. 2019-03-11. Retrieved 2021-05-10.
- ^ Bernard, Tara Siegel (2020-10-02). "Apps Will Get You Paid Early, for a Price". The New York Times. ISSN 0362-4331. Retrieved 2021-05-10.
- ^ "Funding Snapshot: DailyPay Raises $5M Series A to Provide Daily Payments to Workers". Wall Street Journal. 2016-09-07. ISSN 0099-9660. Retrieved 2021-05-10.
- ^ Noto, Anthony (September 9, 2016). "This week in N.Y.C. funding news: Cheddar, Away, DailyPay". www.bizjournals.com. Archived from the original on 2020-12-05. Retrieved 2021-05-10.
- ^ "DailyPay Just Raised $9M To Provide Flexibility For When You Want to Get Paid". AlleyWatch. 2018-02-21. Archived from the original on 2021-05-10. Retrieved 2021-05-10.
- ^ "Payroll Quietly Easing Into Trend of Quick-Pay Programs". news.bloombergtax.com. Retrieved 2021-05-10.
- ^ Johnston, Katie (February 10, 2020). "Apps let workers access wages instantly, but at what cost?". BostonGlobe.com. Retrieved 2021-05-10.
- ^ Mann, Sonya (2017-09-14). "This Startup Is an ATM for the Money You Haven't Been Paid Yet". Inc.com. Retrieved 2021-05-10.
- ^ "World Changing Ideas Awards 2021: On The Rise (0–4 Years In Business) Finalists and Honorable Mentions". Fast Company. 2021-05-04. Retrieved 2021-05-10.