On-demand pay company DailyPay has reeled in $175 million in venture capital and $325 million in credit from various sources, the company said. In a press release, DailyPay said it will expand the uses of its technology platform and seek new customers. The venture funding round was led by Carrick Capital Partners with participation from existing investors.
The company is now expanding its platform “to change the relationship between merchants and their shoppers, as well as financial institutions and their customers,” DailyPay CEO Jason Lee said. He added that his company helps “employees to access or save their pay as they earn it.” On-demand pay means employees can receive all or some of their wages before their next scheduled payday.
Lee said that a representative from Carrick will join DailyPay’s board. “The team at Carrick has a demonstrable record of helping companies to scale exponentially and enter the public markets,” he noted.