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Alternative Assets  + CLOs  + Private Debt  |  January 26, 2023
Fintech Startup DailyPay Nabs $260M in Fresh Capital
Joe Palmisano
By: Joe Palmisano

Fintech Startup DailyPay Nabs $260M in Fresh Capital

DailyPay, a NY-based fintech company, secured $260mn in new funding. The funding is split between a revolving credit facility provided by Barclays and Angelo Gordon, and new term loan funding from SVB Capital and a fund managed by Neuberger Berman.

DailyPay announced a $300 million revolving credit arrangement from Barclays in March 2022. The company now has extra capital to support its growing client base thanks to the expanded revolving credit facility capacity – $100 million supplied by Barclays and $60 million granted by Angelo Gordon.

The term loan capital of $100 million will be used to fuel DailyPay’s ongoing product innovation and accelerate growth.

The announcement comes five months after Kevin Coop joined DailyPay as Chief Executive Officer. Coop formerly served as President of North America at Dun & Bradstreet, responsible for profitability and growth of North America across all product lines and businesses.

Latham & Watkins LLP advised DailyPay on the financing transactions.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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