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FT Partners Advises DailyPay on its ~$75,000,000 Equity Financing

Overview of Transaction

  • On January 18, 2024, DailyPay, a leading financial technology company, announced it has secured over $175 million to fuel growth; 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
  • Founded in 2015, DailyPay provides on-demand pay with a unique B2B2C technology platform that integrates directly into the employer’s payroll and HR systems helping eliminate fraud risk
  • DailyPay empowers users to take control of their earned pay, enabling them to pay bills on time while avoiding unnecessary fees associated with overdraft, high-interest credit products or payday loans
  • DailyPay partners with leading employers across various industries, including Fortune 500 companies such as Hilton, Target, Kroger and Dollar Tree

Significance of Transaction

  • The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate continued product innovation and drive expansion into adjacent categories and new markets
  • The substantial increase in valuation validates DailyPay’s continued growth and traction

FT Partners' Role

  • FT Partners served as the exclusive financial and strategic advisor to DailyPay on this equity financing; FT Partners previously advised DailyPay on its $175 million equity raise in 2021
  • This transaction highlights FT Partners’ deep domain expertise across a wide range of FinTech verticals, as well as its successful track record generating highly favorable outcomes for high-growth companies