DailyPay, a leading financial technology company, has announced it has secured US$560 million of capital to fuel growth domestically, expand internationally, and further invest in product innovation. The funding is divided between a revolving credit facility provided by Barclays and Angelo Gordon, and new term loans from SVB Capital and a fund managed by Neuberger Berman.
DailyPay first announced a US$300 million revolving credit facility from Barclays in March 2022. The additional revolving credit facility capacity (US$100 million provided by Barclays and US$60 million from Angelo Gordon) provides DailyPay with more capital to service its ever-growing roster of clients. The up to US$100 million in term loans will be invested to fuel DailyPay’s continued product innovation and to accelerate growth.
Latham & Watkins LLP advised DailyPay in the term loan financing with a deal team led by Bay Area partner Haim Zaltzman and Los Angeles/Bay Area partner Elizabeth Oh, with associates Dan Ovadia and Tyler Davis. Latham also advised DailyPay in the US$460 million securitization transaction with a deal team led by New York partner Loren Finegold and Bay Area Partner Haim Zaltzman, with associate Maeve Chandler. Advice was also provided on tax matters for both financings by New York partner Elena Romanova, with associate Ron Moore.