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Latham Advises DailyPay in Latest Funding

January 22, 2024
Firm represents the leading on-demand payment unicorn in the secured credit/securitization facility expansion as part of the larger funding transaction.

DailyPay, a leading financial technology company specializing in on-demand pay, has announced it has secured over US$175 million to fuel growth. The funding is divided between US$100 million of expanded secured credit facility capacity provided by Citi and over US$75 million in equity financing, which valued the company at US$1.75 billion on a pre-money basis. This marks the largest fintech financing so far in 2024 and makes DailyPay’s secured credit/securitization facilities one of the largest of any fintech globally.

The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate DailyPay's continued product innovation and to drive its expansion into adjacent categories and new markets. The additional US$100 million expansion of the existing securitization facility, provided by Citi, brings DailyPay's revolving securitization facility to US$660 million, including the existing commitments of US$500 million from Barclays and US$60 million from TPG Angelo Gordon.

Latham & Watkins represents DailyPay in the transaction with a transactional team consisting of partners Loren Finegold, Haim Zaltzman, and Elizabeth Oh, and associates Maeve Chandler and Ananya Hindupur. This follows Latham’s representation of DailyPay in US$560 million growth facilities in 2023.