Financial tech startup DailyPay Inc has raised $5 million in Series A funding. RPM Ventures led the round with participation from Draper Frontier and Inspiration Ventures.
NEW YORK, NEW YORK September 5, 2016 – DailyPay, Inc., a financial technology company that provides daily payments to employees and contractors, announces the closing of a $5.0 million Series A funding round led by RPM Ventures with participation from Draper Frontier and Inspiration Ventures. Combined with the Company’s Series Seed in 2015, DailyPay has raised a total of $6.5 million.
“This fundraising enables DailyPay to expand its services to enterprises across the country to help their contractors and employees manage unexpected expenses and avoid exorbitant fees,” said Rob Law, DailyPay’s CTO and CoFounder. DailyPay partners with companies to offer their employees the flexibility of accelerating income without any cost to the company.
Companies benefit from a more focused, dedicated, and productive workforce by offering the option of daily payments to their employees.
According to Konstantin Getmanchuk, DailyPay’s VP of Enterprise Product, “Americans spend up to 4 hours a week on personal finance matters while at work. By having immediate access to their wages, employees will be less distracted and more productive while at work. This has an enormous impact on a company’s bottom line, at zero cost.”
DailyPay began offering daily payments to employees and contractors in 2015. It first started with contractors in the On Demand Economy and has since expanded to employees of more traditional companies.