DailyPay Completes $200M ABS to Fuel Growth and Access

DailyPay, a leading On-Demand Pay and financial wellness platform, has completed its first-ever $200 million asset-backed securitization (ABS), backed by top-tier financial institutions. The transaction marks a significant milestone for both DailyPay and the broader financial services sector, effectively creating a new asset class tied to On-Demand Pay receivables.

This securitization strengthens DailyPay’s ability to scale its offering—providing workers with real-time access to earned wages—without disrupting employers’ payroll or cash flow operations.

“Hardworking people deserve a financial system that keeps pace with their lives,” said Stacy Greiner, CEO of DailyPay. “This new capital enables us to reach more employers and employees, and push forward in breaking the paycheck-to-paycheck cycle.”

The offering, structured and led by Barclays with Citi and Morgan Stanley as joint bookrunners, includes four rated classes of notes (Class A to Class D), with Morningstar DBRS assigning ratings from AA (sf) to BB (sf). Legal counsel was provided by Latham & Watkins LLP for DailyPay and Mayer Brown LLP for the underwriters.

“This is a first-of-its-kind transaction in our space,” noted Deepa Subramanian, CFO of DailyPay. “It validates our model and positions us to support continued growth.”

With this deal, DailyPay has now secured nearly $1 billion in debt financing, including its existing $760 million secured facility with Barclays, Citi, and TPG Angelo Gordon. The transaction supports DailyPay’s mission to modernize pay cycles and drive greater financial access for millions of American workers.