What is DailyPay?
DailyPay is the gold standard in on-demand pay with software that easily integrates with a company’s payroll and time management systems. DailyPay provides employees with early access to their earned pay. This means employees have the power to choose when to get their pay, instead of having to wait for payday. DailyPay provides employees with instant access to their earned pay or next-business-day access to their earned pay.
DailyPay was founded in 2015 by Jason Lee and Rob Law. The company allows other organizations and payroll providers to offer early access wages to employees. The service is often used by companies with low-wage employees, who work paycheck-to-paycheck.
Employees who use the service are charged a fee to withdraw their wages, if done so by withdrawing instantly. The service also allows users to check their balances and track earned wages through their employers.
In September 2016, the company raised $5 million in financing during its Series A Round. In February 2018, the company raised $9 million in Series B funding.[10]
In 2018, human resources company ADP announced that it would be offering early wage access to its clients through DailyPay.
As of 2020, the company had roughly 500,000 active users, and had partnered with companies such as Burger King, Uber, DoorDash and Shiftgig.
In 2021, the company received an honorable mention on Fast Company's "World Changing Ideas Awards".
