The funding is divided between $100 million of expanded secured credit facility capacity provided by Citi and over $75 million in equity financing, which valued the company at $1.75 billion on a pre-money basis.

The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate DailyPay's continued product innovation and to drive its expansion into adjacent categories and new markets. The additional $100 million expansion of the existing credit facility, provided by Citi, brings DailyPay's revolving secured debt facility to $660 million, including the existing commitments of $500 million from Barclays and $60 million from TPG Angelo Gordon.

DailyPay is transforming the way people get paid. As the industry's leading on-demand pay solution, DailyPay uses an award-winning technology platform to help America's top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job, while supporting their financial well-being outside of the workplace.