DailyPay

DailyPay

Provides daily access to earned wages

About

DailyPay provides a service that allows employees to access their earned wages on a daily basis instead of waiting for traditional pay periods like bi-weekly or monthly. This service works by partnering with businesses, which pay a fee to offer their employees the option of on-demand pay. Employees can withdraw their earned wages whenever they need, giving them more control over their finances and increasing their time on the job by an average of 27%. DailyPay stands out from competitors by focusing on sectors with high turnover rates, such as healthcare, retail, and restaurants, where its service can significantly improve employee retention and satisfaction. The goal of DailyPay is to enhance employee financial wellness and help businesses reduce turnover costs, potentially saving millions annually.

Company Stage

Debt Financing

Employees

501-1,000

Industries

Fintech, Financial Services

Total Funding

$272.1M

Headquarters

New York City, New York

Founded

2016


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Simplify's Take

What believers are saying

  • Nelson Chai's appointment as Executive Chair brings strategic growth expertise to DailyPay.
  • DailyPay's rapid growth is recognized by its ranking on the Deloitte Technology Fast 500.
  • Partnerships in healthcare and hospitality sectors boost employee satisfaction and retention.

What critics are saying

  • Increased competition from fintech companies may dilute DailyPay's market share.
  • Potential regulatory scrutiny could increase compliance costs for DailyPay.
  • Economic downturns may reduce business investment in DailyPay's services.

What makes DailyPay unique

  • DailyPay offers on-demand pay, enhancing employee financial control and flexibility.
  • The platform integrates seamlessly with existing payroll systems, reducing administrative burdens.
  • DailyPay's service increases employee retention by an average of 27%.

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Growth & Insights
Headcount

6 month growth

-1%

1 year growth

0%

2 year growth

-2%

Benefits

Competitive Pay

Stock Options

401(K) with 4% match

Unlimited PTO

Medical, Dental & Vision Plans

Daily Seamless Credit

Free LinkedIn Learning

Annual Learning Stipend

DailyPay for DailyPay

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