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DailyPay
DailyPay is a asset manager based in New York, founded 2015; the Altss profile covers its classification, headquarters, registration, AUM band, and key...
DailyPay
DailyPay transforms employers into industry leaders by revolutionizing the way employees access their pay.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
55 Water Street, New York, NY 10041, United States
Principals
Nelson Chai
Chief Executive Officer
Deepa Subramanian
Chief Financial Officer
Andrew Brandman
Chief Operating Officer
Poulomi Damany
Chief Product Officer
David Dyar
Chief Technology Officer
Jared DeMatteis
Chief Legal & Strategy Officer
Jon Lowe
Chief People Officer
Caitlin Allen
Chief Brand and Communications Officer
Amanda Hayes Fagan
VP, Business Operations
Sector focus
Frequently asked questions
How does DailyPay fund the wage advances if it isn't a bank?
DailyPay uses a warehouse lending model, not employer prefunding. It secured the first bank financing of an on-demand pay receivable portfolio with Barclays in 2022, and now maintains $835 million in total borrowing capacity. Each employee transfer is funded from these credit lines, and the firm repays itself from the normal payroll run on payday.
Does DailyPay operate as a family office, a venture-backed company, or something else?
DailyPay is a venture-capital-backed operating company. It has raised over $675 million in equity through a Series D-1 round in 2024 and carries significant debt facilities. It is not a family office or asset manager; it deploys its own balance sheet to originate earned wage advances for corporate employees.
What distinguishes DailyPay's model from other earned wage access providers?
DailyPay carries the credit risk of the advance on its own balance sheet rather than requiring the employer to prefund a float. The firm integrates directly into over 180 HCM and time-management systems to calculate real-time earned pay, and it services the full transaction — from transfer to repayment — without the employer needing to change its normal payroll process.
Which industries does DailyPay explicitly target?
The firm identifies eight verticals on its website: hospitals and healthcare, grocers and supermarkets, retail, call and contact centers, restaurants and QSR, manufacturing, travel and hospitality, and the public sector. In 2024 it accelerated its government expansion and launched in the UK.
What is Nelson Chai's background, and why was he brought in?
Nelson Chai served as CFO of Uber, where he led the company's push to profitability and its 2019 IPO. He previously held C-suite roles at Merrill Lynch, NYSE Euronext, CIT Group, and Warranty Group. His experience managing large, complex balance sheets and regulated financial operations aligns with DailyPay's need to scale its warehouse lending and risk infrastructure.
How does DailyPay monetize the on-demand pay product?
Employees typically pay a small fee per transfer — often $2.99 to $3.49 — and employers pay a SaaS subscription fee for the platform. The firm also earns interchange on its prepaid Visa card and charges for ancillary products like off-cycle payment dispursement (Cycle) and tips access.
What has DailyPay built beyond the core early wage access product?
It has launched the DailyPay Visa Prepaid Card with cash back and savings tools, a tips product that gives workers instant access to gratuities, a small-business self-serve tier, and a credit health tool. It also operates Cycle, a module for off-cycle payments like bonuses and reimbursements.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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