DailyPay was founded in 2015 by by Jason Lee and Robert Law. Following a $175 million round of Series D funding, CEO Lee discussed potential plans to take the company public, saying “like all high-growth tech companies, we are considering strategic alternatives, one of which could be an IPO." These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
DailyPay helps organizations grant their employees early access to their paychecks, a service that is particularly important in low-wage and gig-based workplaces where employees are more likely to be living paycheck to paycheck. More than 300 companies use the service, including Burger King, DollarTree, Kroger, Berkshire Hathaway, Uber, and DoorDash.The recent round of Series D funding led by Carrick Capital Partners brought the company's total funding to more than $500 million. Other investors include RPM Ventures, Sand Hill Angels, and Fin Venture Capital. The funding round raised the company's post-money valuation to more than $1 billion.