A New York-based financial technology company that lets hourly workers tap into their paychecks before payday turned a $500 million capital infusion into a run that has reshaped the earned wage access industry. DailyPay announced in May 2021 that it had raised $175 million in a Series D equity round led by Carrick Capital Partners, alongside $325 million in credit capital, giving the company $500 million total to expand its on-demand pay platform.
A Half-Billion-Dollar Bet On Instant Pay
The Series D round included existing investors and brought Carrick Capital Partners onto DailyPay's board of directors as a new backer, according to Dealroom. DailyPay's technology allows employees of large employers to access or save pay as they earn it, rather than waiting for a traditional biweekly or monthly payday.
That raise pushed DailyPay's valuation past $1 billion, officially making it a fintech unicorn, according to reporting cited by Tracxn. Founded in 2015, DailyPay reached that billion-dollar milestone roughly six years later. The same data shows a subsequent $75 million Series D extension in January 2024 lifted the company's valuation further, to $1.75 billion.
Fortune 200 Reach And A New Product Line
DailyPay had already built a substantial enterprise footprint by the time of its 2021 raise, having partnered with more than 80% of Fortune 200 companies offering on-demand pay, per the same account from that period. Its customers have included Dollar Tree, McDonald's, and Kroger.
Alongside the capital raise, the company launched ExtendPX, a white-label technology solution that let payroll and human capital management software providers embed DailyPay's earned wage access features directly into their own applications. The move expanded DailyPay's distribution reach across third-party HR platforms rather than relying solely on direct enterprise sales, the report notes.
Turning Down A $2 Billion Buyout
DailyPay's board rejected two unsolicited acquisition offers from digital bank Chime, including a final proposal valued at $2 billion, after concluding the bids undervalued the company, according to Banking Dive. Chime went on to acquire Salt Labs in 2024, a loyalty startup founded by DailyPay co-founder Jason Lee, according to the outlet.
Leadership at DailyPay has shifted in the years since the Series D round. Lee, who co-founded the company in 2015 and led it through the $500 million fundraising milestone, departed in mid-2022 following the rejection of the Chime takeover bid. Kevin Coop and Stacy Greiner subsequently took over leadership before former Uber CFO Nelson Chai was named chief executive officer in October 2025, as reported by Payments Dive.
Eyeing Wall Street As Debt Financing Grows
DailyPay has continued layering on credit facilities, building on its $325 million credit facility from 2021 with a $200 million debt facility in February 2026, according to Tracxn. DailyPay's service provides wage advances to workers.
The company was reported to be holding preliminary talks to hire investment bankers for a US initial public offering, targeting an estimated valuation between $3 billion and $4 billion, according to The Paypers.
How DailyPay Makes Money, And Why Regulators Are Watching
DailyPay's instant cash transfers typically carry a $3.49 fee, according to Morningstar DBRS. The agency reported that 91.5% of advance cases, on average over the 12 months ending May 2026, involved customers opting for instant transfer.
On the regulatory front, a Consumer Financial Protection Bureau advisory opinion issued in late December 2025 confirmed that covered employer-partnered earned wage access products are not considered credit under the Truth in Lending Act, resolving years of uncertainty for the industry, according to law firm K&L Gates. That decision formally rescinded a proposed 2024 rule that would have classified earned wage access products as consumer loans.
DailyPay's service gives hourly workers access to their earned wages before payday.
