DailyPay Creates New Asset Class, Closes $200 Million Securitization of its On-Demand Pay Receivables To Support Top Employers In Ending The Archaic Two-Week Pay Cycle
DailyPay Creates New Asset Class, Closes $200 Million Securitization of its On-Demand Pay Receivables To Support Top Employers In Ending The Archaic Two-Week Pay Cycle
NEW YORK, June 30, 2025 – DailyPay, an industry-leading provider of On-Demand Pay as well as financial wellness solutions, today announced a $200 million asset-backed securitization (ABS) of its On-Demand Pay receivables. This landmark transaction, backed by some of the world’s most prestigious financial institutions, establishes a new asset class and significantly extends DailyPay’s capacity to partner with employers in discontinuing the traditional two-week pay cycle.
With DailyPay, employers have an opportunity to modernize their relationship with their employees by offering their employees what they want and need: pay on their own schedule. DailyPay enables employers to offer on demand access to pay with no impact to their own cash flow management or payroll processes.
“In a recent study, more than half of Americans reported living paycheck-to-paycheck. And with rising inflation, consumer confidence is waning,” said Stacy Greiner, Chief Executive Officer, DailyPay. “Hard working people now more than ever deserve access to their pay as they earn it. They deserve a financial system that works for them and addresses their on-demand pace of life. Our new capital position enables us to help even more employers and their employees, fueling our rapid growth.”
“This securitization marks a first for our industry, with strong investor demand validating our differentiated approach to delivering On-Demand Pay,” said Deepa Subramanian, Chief Financial Officer, DailyPay. “With $25 billion in payments volume, we are continuously looking for new ways to optimize our capital structure to support our growth ambitions.”
The offering included four classes of notes: Class A, Class B, Class C, and Class D. Morningstar DBRS rated all classes of notes, assigning ratings ranging from AA (sf) to BB (sf), respectively. Barclays acted as lead bookrunner and structuring agent, with Citi and Morgan Stanley serving as joint bookrunners.Latham & Watkins LLP advised DailyPay, and Mayer Brown LLP advised the bookrunners.
With the addition of the new $200 million securitization, DailyPay has secured nearly $1 billion in debt financing backed by its On-Demand Pay receivables, which includes its existing $760 million secured debt facility with Barclays, Citi, and TPG Angelo Gordon.
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About DailyPay
DailyPay is a worktech platform that offers industry-leading On-Demand Pay, as well as financial wellness solutions, for employers and employees. DailyPay serves a business-to-business-to-consumer (“B2B2C”) ecosystem with its mission to power daily opportunities by providing employers with solutions to create a more engaged and productive workforce and by empowering employees to live a better financial life. DailyPay’s platform, featuring an industry-leading On-Demand Pay solution, empowers employees to take control of their working lives, realize the benefit of their hard work in real time, and help them break living the paycheck-to-paycheck cycle. DailyPay is headquartered in New York City. For more information, visit www.dailypay.com/press.
Media Contacts:
David Schwarz
david.schwarz@dailypay.com
Samantha Padilla
samantha.padilla@dailypay.com
Asset-backed securitization is a financial process where various types of assets, such as loans or receivables, are pooled together and sold as securities to investors.
On-demand pay allows employees to access their earned wages before the regular payday, providing them with greater financial flexibility and control over their finances.
Receivables are amounts owed to a company by its customers for goods or services delivered but not yet paid for. They are considered an asset on the balance sheet.
Debt financing involves borrowing funds that must be repaid over time, typically with interest. It can include loans, bonds, or other forms of credit.
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