DailyPay, a New York-based company providing an on-demand pay solution for enterprises, raised $500m in funding.
This included a $175m Series D equity round led by Carrick Capital Partners with participation from existing investors. In addition, the company raised $325m of credit capital from various sources.
The company intends to invest its capital to expand operations and its business reach.
Led by Jason Lee, Chief Executive Officer and Founder, DailyPay provides an on-demand pay technology platform which leverages data network, a proprietary funding model and connections into over 6,000 endpoints in the banking system. The company currently partners with employers such as Dollar Tree, Berkshire Hathaway and Adecco.
DailyPay also has operations in Minneapolis.