DailyPay, Inc., a worktech company and leading provider of earned wage access, today announced it has secured an additional $100 million commitment to its secured credit facility capacity from Citi.
The additional commitment doubles Citi's commitment from $100 million to $200 million.
DailyPay’s total revolving secured debt facility commitment now stands at $760 million which includes $500 million from Barclays, $200 million from Citi, and $60 million from TPG Angelo Gordon.
The secured credit facility will provide DailyPay access to significant funding to service its ever-growing roster of clients.
“This addition to our credit facility speaks to our unwavering dedication and commitment to our clients and their millions of daily workers who leverage DailyPay to live a better financial life,” said Stacy Greiner, Chief Executive Officer, DailyPay.
“Citi’s increased commitment is a testament to the continuing support world-class financial institutions have provided in financing our rapid growth and upward trajectory,” said Ken Brause, Chief Financial Officer, DailyPay.
DailyPay currently partners with leading employers across various industries, from Fortune 500 companies to small businesses, to offer earned wage access and other products and services to their workers. Employers who offer DailyPay see positive impacts on hiring and retention. Users are empowered to take control of their earned pay, enabling them to pay bills on time while avoiding expensive fees associated with overdrafts, high-interest credit products, or payday loans.
Latham & Watkins LLP advised DailyPay on the financing transaction.