Dailypay 175m 325m 1b Beltran Barrononline: DailyPay, which provides software that lets workers control when they get paid, raises $175M Series D and $325M in debt funding. The company’s valuation at the time of writing is $1B+.
The company has seen huge success since it was founded in 2013 by entrepreneur Jessica Mah. It works with a growing number of businesses, such as “Walmart, United Parcel Service and a major staffing company called Adecco.”
DailyPay has over 120,000 workers on its platform and pays them “nearly $500 million every year.” Its goal is to negotiate better payment schemes with major employers.
“DailyPay is creating a new era for career workers, empowering them to manage their own financial destinies,” said Jessica Mah, CEO of DailyPay, in a statement. “We’re connecting more than 120,000 paid employees with their employers and building a platform that helps employers and employees make more informed decisions about how money is spent.”
In its last funding round in May 2017, the company raised $71M in funding – this time it’s gone over the $200M mark. In December 2017, it raised a significant amount of capital to help fund its growth.
The company is seeing very rapid growth and has now eclipsed 100k in paid customers. It recently hired back many of its members of staff. The value of the company is enormous and I’ve asked for more information about the valuation – as I say this is a highly speculative scoop only but I’m confident that it’s large enough to have been picked up by the likes of CNBC and others.
This funding round was led by Xpring, a Ripple company. Some of the other investors in this seed round include GV, FirstMark Capital, DRW Venture Capital and Greycroft.