Page semi-protected

DailyPay

From Wikipedia, the free encyclopedia

DailyPay Inc.
TypePrivate
Industry
Founded2015; 6 years ago (2015)
Founder
  • Jason Lee (CEO)
  • Rob Law
HeadquartersNew York, NY, U.S.A.
ServicesEarned wage access
Number of employees
200 (2020[1])
Websitewww.dailypay.com

DailyPay is an American financial services company founded in 2015, which provides payroll services such as earned wage access.[2] DailyPay charges up to $2.99 for users to receive 100% of their earned but unpaid income. This fee has been compared to traditional payday lending which has prompted regulatory scrutiny.[3]

History

DailyPay was founded in 2015 by Jason Lee and Rob Law.[4] The company allows other organizations and payroll providers to offer early access wages to employees.[5] The service is often used by companies with low-wage employees, who work paycheck-to-paycheck.[6][7]

Employees who use the service are charged a fee to withdraw their wages.[8] The service also allows users to check their balances and track earned wages through their employers.[9]

In September 2016, the company raised $5 million in financing during its Series A Round.[10][11] In February 2018, the company raised $9 million in Series B funding.[12]

In 2018, human resources company ADP announced that it would be offering early wage access to its clients through DailyPay.[13]

As of 2020, the company had roughly 500,000 active users, and had partnered with companies such as Burger King, Uber, DoorDash and Shiftgig.[14][15]

In 2021, the company received an honorable mention on Fast Company's "World Changing Ideas Awards".[16]

References

  1. ^ "Championing Diversity in FinTech: NYC Based DailyPay". 21 June 2020.
  2. ^ Kauflin, Jeff. "VCs Bet $40 Million On Money App For Those Living Paycheck To Paycheck". Forbes. Retrieved 2021-05-10.
  3. ^ Bernard, Tara Siegel (2020-10-02). "Apps Will Get You Paid Early, for a Price". The New York Times. ISSN 0362-4331. Retrieved 2021-06-30.
  4. ^ "FinTech profile: DailyPay, the payroll game-changer | Venture Capital | Fintech Magazine". www.fintechmagazine.com. Retrieved 2021-05-10.
  5. ^ Harrison, Polly Jean (2021-01-12). "DailyPay: What The Recent CFPB Compliance Regulations Means for Earned Wage Access". The Fintech Times. Retrieved 2021-05-10.
  6. ^ Sheng, Ellen (2020-03-30). "Companies offer cash-strapped employees daily pay cards and other flex-pay options as a lifeline". CNBC. Retrieved 2021-05-10.
  7. ^ "Do paycheck advance apps improve financial health?". American Banker. 2019-03-11. Retrieved 2021-05-10.
  8. ^ Bernard, Tara Siegel (2020-10-02). "Apps Will Get You Paid Early, for a Price". The New York Times. ISSN 0362-4331. Retrieved 2021-05-10.
  9. ^ TechBullion, Angela Scott-Briggs (2021-04-07). "The True Power of On-Demand Pay". TechBullion. Retrieved 2021-05-10.
  10. ^ "Funding Snapshot: DailyPay Raises $5M Series A to Provide Daily Payments to Workers". Wall Street Journal. 2016-09-07. ISSN 0099-9660. Retrieved 2021-05-10.
  11. ^ Noto, Anthony (September 9, 2016). "This week in N.Y.C. funding news: Cheddar, Away, DailyPay". www.bizjournals.com. Retrieved 2021-05-10.
  12. ^ "DailyPay Just Raised $9M To Provide Flexibility For When You Want to Get Paid". AlleyWatch. 2018-02-21. Retrieved 2021-05-10.
  13. ^ "Payroll Quietly Easing Into Trend of Quick-Pay Programs". news.bloombergtax.com. Retrieved 2021-05-10.
  14. ^ Staff, Katie Johnston Globe; February 10, Updated; 2020; Comments, 4:47 p m Email to a Friend Share on Facebook Share on TwitterPrint this Article View. "Apps let workers access wages instantly, but at what cost? – The Boston Globe". BostonGlobe.com. Retrieved 2021-05-10.CS1 maint: numeric names: authors list (link)
  15. ^ Mann, Sonya (2017-09-14). "This Startup Is an ATM for the Money You Haven't Been Paid Yet". Inc.com. Retrieved 2021-05-10.
  16. ^ Staff, By Fast Company (2021-05-04). "World Changing Ideas Awards 2021: On The Rise (0–4 Years In Business) Finalists and Honorable Mentions". Fast Company. Retrieved 2021-05-10.

External links

Official website

Retrieved from ""