DailyPay Revenue, Valuation, Funding & Investors

DailyPay is valued at $1.8B as of January 2024, a 7.8x multiple on its last reported $235M revenue.

Last DailyPay valuation

$1.8B

Undisclosed stage · Jan 2024

Last DailyPay funding round

$75M

Undisclosed stage · Jan 2024

DailyPay revenue

$235M

Undisclosed stage · Jan 2024

Key investors in DailyPay

  • RPM Ventures
  • Sand Hill Angels
  • Frontier Venture Capital
  • Carrick Capital Partners
  • Inspiration Ventures
  • Evolution VC Partners

DailyPay Overview

About DailyPay

DailyPay is a payroll platform enabling employees to access earned wages on-demand before payday. It integrates with employer systems to promote financial wellness, retention, and engagement across various industries.


Founded

2015

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Subscription, Usage-based

Revenue

$235M (Jan 2024)

Valuation

$1.8B (Jan 2024)

DailyPay Valuation

DailyPay is currently valued at $1.8B, based on its undisclosed-stage round in January 2024.

The $75M round was led by Carrick Capital Partners.

DailyPay's valuation has grown 1.8x from $1B at its Series D in May 2021 to $1.8B in January 2024, across 2 priced rounds.

DailyPay valuation by funding round

Revenue multiple
DailyPay valuation by funding round
DateStageValuationRevenue Multiple
Jan 2024Undisclosed stage$1.8B7.8x
May 2021Series D$1B-

DailyPay Revenue

DailyPay's latest recorded revenue is $235M, as of its undisclosed-stage round in January 2024. At a $1.8B valuation, that implies a 7.8x revenue multiple.

DailyPay revenue by funding round

DailyPay revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2024$235M$1.8B7.8xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

DailyPay Funding History

DailyPay has raised a total of $264M across 5 funding rounds.

DailyPay's first fundraising round was a $5M Series A in September 2016. The most recent completed round was a $75M undisclosed-stage round in January 2024.

DailyPay funding rounds

DailyPay funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2024Undisclosed stageCarrick Capital Partners (lead)$75M$1.8BDailyPay, a leading on-demand pay fintech founded in 2015 and headquartered in New York, provides an employer-integrated platform that allows workers to access, track, transfer, spend, or save their earned wages before payday, integrating directly into payroll and HR systems to eliminate fraud risk. The company partners with major employers across industries, including Fortune 500 firms like Hilton, Target, Kroger, and Dollar Tree, helping improve hiring and retention while enabling users to avoid overdraft fees, high-interest credit, or payday loans. On January 18, 2024, DailyPay closed transactions totaling over $175 million, comprising a $75 million equity financing round led by Carrick Capital Partners with participation from existing and new investors, alongside a $100 million expansion of its secured credit facility from Citi. This brought the total revolving secured debt facility to $660 million, including prior commitments of $500 million from Barclays and $60 million from TPG Angelo Gordon. The equity round valued DailyPay at $1.75 billion on a pre-money basis, representing a 75% increase from prior valuation, with FT Partners serving as exclusive strategic and financial advisor. Funds from the equity raise are designated to accelerate product innovation, expand into adjacent categories, and enter new markets, capitalizing on DailyPay's market-leading position and rapid client and user growth. CEO Kevin Coop highlighted the raise as validation of the company's strength, while CFO Ken Brause noted the credit expansion reflects the business's scale and trajectory. This follows DailyPay's prior $175 million Series D in 2021, which achieved unicorn status at $1 billion valuation.
Dec 2023Pre-seedFrontier Venture Capital$300K--
May 2021Series DCarrick Capital Partners (lead); Second Alpha Partners; RPM Ventures; LIP Ventures Boutique; Sand Hill Angels; Red Hook Capital$175M$1BDailyPay is a fintech company providing on-demand pay solutions for enterprises, allowing employees to access earned wages before payday. It integrates with employers to enable workers to track, transfer, spend, or save pay as earned, charging fees like $2.50 for instant transfers or $1.50 for next-day. The company partners with 80% of Fortune 200 companies offering on-demand pay and operates in thousands of U.S. financial institutions. On May 18, 2021, DailyPay announced a $175 million Series D equity round led by Carrick Capital Partners, with participation from existing investors including LIP Ventures Boutique, Red Hook Capital, RPM Ventures, Sand Hill Angels, and Second Alpha Partners. This was paired with $325 million in credit capital from various sources, totaling $500 million in new capital. Funds were intended for new market opportunities, platform expansion to merchants and financial institutions, and strengthening leadership in on-demand pay for large employers. Carrick Capital Partners joined the board, citing DailyPay's category leadership and growth potential. Around this time, DailyPay reported revenue growth of 141% in 2020 and more than doubling from 2019 per WSJ/Carrick coverage. The financing created a strong balance sheet for service reliability in the capital-intensive on-demand pay sector. DailyPay had reached key milestones like product releases for employers in the prior 12 months.
Feb 2018Series BIntercept Ventures; Inspiration Ventures; RPM Ventures; Sand Hill Angels; Frontier Venture Capital$9M-DailyPay raised $9 million in a Series B funding round on February 15, 2018, led by Intercept Ventures with participation from RPM Ventures, Inspiration Ventures, and Draper Frontier (also referred to as Frontier Venture Capital). This brought total capital raised to $16 million, following a $5 million Series A in 2016 and $1.5 million seed in 2015. The funds were allocated to accelerate deployment of financial wellness support services among mid-cap and enterprise companies in industries including retail, healthcare, transportation, and cleaning. DailyPay provides employees real-time access to earned wages on a pay-as-they-earn basis for a $1.25 fee per transfer, deducted from the final paycheck. By end of 2017, 5% of nearly 70 million U.S. hourly workers had access, up from 1% in 2016. Typical users access the system about once per week, with 94% using it to pay bills on time and reduce fees.
Sep 2016Series ARPM Ventures (lead); First Ascent Ventures; Inspiration Ventures; Evolution VC Partners; Larnabel Ventures$5M-DailyPay raised $5 million in a Series A funding round in 2016 from Inspiration Ventures, Draper Frontier, Agilic Capital, and RPM Ventures, following a $1.5 million seed round the previous October, bringing total funding to $6.5 million. The New York-based startup provides on-demand pay solutions, enabling businesses to offer employees or contractors daily access to earned wages. It funds more than 1 million payments to employees annually across various industries, with significant impact in the on-demand economy.

Who has invested in DailyPay?

12 investors have backed DailyPay across its funding rounds, including RPM Ventures, Sand Hill Angels, Frontier Venture Capital, Carrick Capital Partners, Inspiration Ventures and Evolution VC Partners.

Lead investors include Carrick Capital Partners and RPM Ventures.


DailyPay Investors

Investors in DailyPay by funding rounds participated
InvestorHQRoundsRoleFirst check
RPM VenturesUnited StatesAnn Arbor, MI3LeadSep 2016
Inspiration VenturesUnited StatesUnited States2ParticipantSep 2016
Sand Hill AngelsUnited StatesSan Francisco, CA2ParticipantFeb 2018
Frontier Venture CapitalUnited StatesBoulder, CO2ParticipantFeb 2018
Carrick Capital PartnersUnited StatesSan Francisco, CA2LeadMay 2021
Intercept VenturesUnited StatesSan Francisco, CA1ParticipantFeb 2018
First Ascent VenturesCanadaToronto1ParticipantSep 2016
Second Alpha PartnersUnited StatesNew York City, NY1ParticipantMay 2021
Evolution VC PartnersUnited StatesNew York City, NY1ParticipantSep 2016
LIP Ventures BoutiqueMexicoMexico City1ParticipantMay 2021

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DailyPay Competitors

DailyPay competitors include listed companies like Vitec Software, CorVel, CCC Intelligent Solutions and WEX, and private ones like Collective Health and Micro Connect.

Public and private companies comparable to DailyPay
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Collective HealthUnited StatesSan Francisco, CAPrivate--$1.5B-
Vitec SoftwareSwedenSwedenPublicly listed$371M$151M$1B3.5x
CorVelUnited StatesUnited StatesPublicly listed$959M$175M$3.6B-
CCC Intelligent SolutionsUnited StatesUnited StatesPublicly listed$1.1B$238M$3.9B4.5x
WEXUnited StatesUnited StatesPublicly listed$2.7B$992M$6.7B2.1x
Micro ConnectHong KongHong KongPrivate--$1.7B-

DailyPay Public Comps

DailyPay is still privately-owned, but its public comps include Aisino, Porch Group, Computer Age Management Services, Yusys Technologies, Pagaya, Alkami Technology, eFinance, Progyny, iFAST Corp and Diebold Nixdorf.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aisino$828M($46M)1.6x-(29.5x)-
Porch Group$510M$79M4.0x4.1x25.7x18.4x
Computer Age Management Services$158M$74M11.2x10.5x23.8x23.0x
Yusys Technologies$540M$67M2.6x2.4x21.2x19.6x
Pagaya$1.3B$33M1.1x1.0x42.6x3.2x
Alkami Technology$444M($27M)5.1x4.5x(85.4x)26.5x
eFinance$130M$67M11.8x-22.8x-
Progyny$1.3B$90M1.4x1.4x20.6x8.0x

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Common questions about DailyPay

When was DailyPay founded?DailyPay was founded in 2015.
Where is DailyPay headquartered?DailyPay is headquartered in New York City, NY, United States.
Is DailyPay publicly listed?No, DailyPay is a private, VC-backed company.
What is DailyPay's valuation?DailyPay was last valued at $1.8B in its undisclosed-stage round in January 2024.
How much funding has DailyPay raised?DailyPay has raised $264M across 5 funding rounds.
What was DailyPay's last funding round?DailyPay's last funding round was a $75M undisclosed-stage round in January 2024, led by Carrick Capital Partners.
Who are DailyPay's investors?DailyPay's investors include RPM Ventures, Inspiration Ventures, Sand Hill Angels, Frontier Venture Capital, Carrick Capital Partners, Intercept Ventures, First Ascent Ventures, Second Alpha Partners, Evolution VC Partners, LIP Ventures Boutique and 2 others.
What is DailyPay's revenue?DailyPay's latest recorded revenue is $235M (January 2024).
What is DailyPay's revenue multiple?DailyPay's latest valuation implies a 7.8x revenue multiple ($1.8B valuation on $235M of revenue).
Which companies are comparable to DailyPay?Companies comparable to DailyPay include Collective Health, Vitec Software, CorVel, CCC Intelligent Solutions, WEX and Micro Connect.

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