DailyPay is reinventing pay-day lending by offering hourly workers rapid access to earnings for a small fixed fee. The company turns completed work into invoices that can be factored against the payer rather than “lending”, reducing default rates, costs and regulation requirements. DailyPay’s initial customers include contracted workers from on-demand companies, such as Uber & DoorDash drivers, and restaurants working with online ordering companies.
Initial Investment: June 2016
Co-Investors: Inspiration Ventures, Intercept Ventures, DFJ Frontier