Invest in DailyPay

DailyPay’s systems calculate how much in wages an employee is entitled to at any given moment, accounting for variables such as taxes and healthcare costs.

DailyPay's flagship product is its web-based platform and smartphone application, enabling employees to access their earned but unpaid wages before their designated pay period—a service referred to as "earned wage access" (EWA).

DailyPay integrates with 180+ Human Capital Management (HCM), payroll, and time management systems to deliver its industry-leading on-demand pay products to millions of users, making sure money is always in the right place at the right time for everyone.

DailyPay provides employees with a digital wallet, formerly known as PayEx, that functions as a “financial wellness” tool to enhance access to funds while also encouraging saving behaviors.

DailyPay's Reward feature enables employers to swiftly send cash-based rewards to employees, resembling small bonuses, accompanied by personalized messages. Additionally, it facilitates campaigns that automatically grant rewards to employees who achieve specific metrics.

DailyPay’s paperless payroll process, which is called Cycle, enables payroll teams to efficiently and cost-effectively disburse payments anytime, anywhere. The service encompasses typical payroll occurrences, including termination pay and payroll reconciliation, addressing issues such as missing hours or other necessary corrections.

DailyPay seamlessly integrates with the employer's current HCM provider, such as Viventium, Workday, or Oracle, to provide earned wage access. It also provides white-label payroll and timekeeping applications for employers, allowing them to select the DailyPay integrations to incorporate into their system. Additionally, the company offers integrations with financial institutions, enabling EWA solutions like PNC Bank's EarnedIt product.

DailyPay integrates with HCM providers and generates revenue through various channels, including subscription fees from employers, transaction fees from employees using the platform, and potential partnerships with financial institutions. Rather than extending credit against an employee’s paycheck, DailyPay charges a $3.49 fee to have the money transferred immediately to a bank account of the employee’s choice or no fee if they can wait 1-3 days.

Employees can also transfer their wages at no cost to a general-purpose Visa-branded card, which is called Friday and provided by DailyPay, as DailyPay earns interchange fees on purchases made through the card. This feature is beneficial to employees who may not have access to a bank account.

Through its massive data network, proprietary funding model, and connections to over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions.

A DailyPay study reveals that 95% of its users who were previously reliant on payday loans either stopped using payday loans or reduced use after using the platform. In addition, 97% of those who said they had overdrawn their bank account prior to using DailyPay reported rarely or never incurring overdraft fees (79%) or fewer instances of overdraft fees (18%) after using DailyPay.

According to a DailyPay study, 96% of companies offering an EWA solution today believe it has a positive impact on employee recruiting.

According to a November 2022 DailyPay User Survey, 67% of users said DailyPay has helped them reduce financial stress.

In December 2022, The Information reported that Chime, a financial technology company that offers online banking services, spent much of 2022 trying to acquire DailyPay for as much as $2 billion but was rejected by DailyPay board members. DailyPay’s board members were concerned that public fintech stocks like PayPal and Block had cratered in 2022, likely devaluing Chime stock and dampening their interest in the deal. Chime offered $1.6 billion for DailyPay in May 2022, comprised of $300 million in cash, $1.2 billion in stock, and $100 million in restricted stock units. It sweetened its offer in June 2022 to $2 billion, with $700 million of that in cash, $1.2 billion in stock, and $100 million in RSUs.

In March 2023, DailyPay unveiled a new function that allows restaurant employees to digitally access and transfer their tips. Among the benefits for employers is the ability to eliminate the need to keep cash on hand. With “Friday Tips,” employees can access their tips digitally, meaning there’s no need for employers to keep cash on hand to disburse tips.

In September 2023, DailyPay partnered with BMO to provide earned wage access to employees of BMO's commercial clients, providing real-time access to their wages as they earn them with the funds deposited in their direct deposit account and available to them for immediate use.

In January 2024, DailyPay chose Northern Ireland for its first expansion outside the United States in a major investment that is creating 293 new jobs. “Northern Ireland offers a highly attractive investment location as it has a well-educated workforce, a cost-competitive business environment, and excellent support from Invest NI. We have already got our Belfast office up and running and recruited 100 staff and intend to have all the jobs in place by mid-2025,” said Chief Customer Officer Ed Zaval.