
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.
