#PayTech / DailyPay raises $500 million of capital “to transform the financial system”

DailyPay, a provider of on-demand pay solutions for enterprises, has secured $500 million of capital – a $175 million Series D equity round led by Carrick Capital Partners (with participation from existing investors) and $325 million of credit capital from various sources.

[DailyPay is] on “a mission to build a new financial system” and that 80% of Fortune 200 companies that offer on-demand pay partner with it. US corporate giants like Dollar Tree, Berkshire Hathaway, Six Flags, McDonalds, and Adecco among these.

[CEO:] “The initial application of our first-of-its-kind technology platform was to redefine how money moves between employers and their employees” … “We are now expanding our platform to change the relationship between merchants and their shoppers, as well as financial institutions and their customers. This platform enables us to create a new financial system by rewriting the invisible rules of money.”