DailyPay Announces $9 Million in Series B Funding

DailyPay, a company that provides employees real-time access to earned wages, announced that it has raised $9 million in Series B funding from Intercept Ventures, with participation from existing investors RPM Ventures, Inspiration Ventures and Draper Frontier.

According to the company, a typical DailyPay user accesses the system approximately one time per week, and 94 percent of employee users report they use the product to pay their bills on time, significantly reducing bank fees and thereby helping them make a step toward financial security. Companies are recognizing that real time access to earned wages improves employee retention, satisfaction and attendance.

The investment will be used to accelerate deployment of the company’s financial wellness support and services among mid-cap and enterprise companies in several industries.