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DailyPay, founded in 2015 and headquartered in New York, is a leading provider of earned wage access (EWA) solutions. The company's innovative platform allows employees to access their earned wages before their scheduled payday, offering financial flexibility and reducing reliance on high-interest payday loans. DailyPay has gained significant traction in the market, with over 1,000 corporate customers and systems that can be used by 4.5 million employees.
The company has demonstrated strong growth and market positioning, moving approximately $19 billion in earned wages through its systems in 2023. DailyPay's partnerships with major employers, including Fortune 500 companies like Hilton, Target, and Kroger, have contributed to its expansion across various industries. The company's innovative approach has also led to positive impacts on employee hiring and retention for its clients.
While there is no official news regarding DailyPay's IPO prospects, the company has attracted substantial investor interest. In January 2024, DailyPay raised $175 million in a Series D1 funding round, valuing the company at $1.83 billion. This latest investment round, led by notable firms such as AllianceBernstein and Citigroup, demonstrates continued confidence in DailyPay's business model and growth potential.
It's worth noting that there have been reports of acquisition interest in the past. According to The Information, fintech company Chime reportedly made acquisition offers for DailyPay in 2022, with bids reaching up to $2 billion. However, these discussions did not result in a deal, and DailyPay has continued to operate independently and expand its operations.
As the earned wage access market continues to grow, with projections reaching $26.74 billion by 2030 according to Zion Market Research, DailyPay's position as a market leader could make it an attractive candidate for public investment. However, any potential IPO plans remain speculative at this time, and investors should rely on official announcements from the company for accurate information about its future plans.
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While DailyPay's IPO prospects remain uncertain, investors eager to explore opportunities in the fintech and payroll innovation space don't have to wait. At Linqto, we offer members access to interests in promising private companies before they go public. Our platform provides the opportunity to invest in potential industry leaders like DailyPay, with lower minimum investments than traditional private equity opportunities, allowing you to potentially benefit from their growth before they hit the public markets.
*These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. The information provided above is based on current online discussions and is not intended as investment advice. Linqto does not endorse or guarantee the accuracy of this information, and we strongly recommend conducting your own research or consulting with a professional advisor before making any investment decisions. Linqto cannot be held liable for any investment outcomes resulting from the use of this information.