DailyPay, a leading provider of earned wage access (EWA) solutions, has announced a $100 million expansion of its secured credit facility from Citi, effectively doubling Citi’s previous commitment. With this boost, DailyPay’s total revolving secured debt facility now reaches $760 million, consisting of $500 million from Barclays, $200 million from Citi, and $60 million from TPG Angelo Gordon. This enhanced credit line significantly strengthens DailyPay’s financial position, enabling it to better serve a growing client base with more robust financial wellness offerings.
The EWA Market: Supporting Financial Wellness in the Gig Economy
As financial stress grows among workers, especially in the gig economy, EWA services have become increasingly essential. These services allow workers to access earned wages before payday, helping them manage sudden expenses without resorting to high-interest loans. This access to early pay benefits both employees and employers by improving financial flexibility and reducing financial strain on workers. Employers offering EWA services like DailyPay as part of their benefits packages see higher talent retention and job satisfaction, reflecting a shift toward more comprehensive employee wellness programs that cover financial, physical, and mental health.
EWA Growth Driven by Technology and Financial Wellness Needs
The EWA industry continues to expand, driven by innovations in financial technology and growing competition among providers. Companies entering this space are enhancing user experience by offering features like budgeting tools and financial education resources, underscoring the role of financial wellness in employee support. The rapid growth and competitive landscape of EWA are shaping how businesses approach employee compensation, making earned wage access a core component of modern benefits and a strategic tool for fostering a more resilient workforce.
As EWA services gain momentum, providers like DailyPay are positioned to lead the way, delivering financial empowerment to workers and transforming the way employers think about pay and employee support.
“This addition to our credit facility speaks to our unwavering dedication and commitment to our clients and their millions of daily workers who leverage DailyPay to live a better financial life,” said Stacy Greiner, Chief Executive Officer of DailyPay.
“Citi’s increased commitment is a testament to the continuing support world-class financial institutions have provided in financing our rapid growth and upward trajectory,” said Ken Brause, Chief Financial Officer, DailyPay.
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