Latham & Watkins Advises DailyPay on a First-of-Its-Kind Asset-Backed Bond Securitization Backed by On-Demand Pay Receivables

DailyPay, an industry-leading provider of On-Demand Pay as well as financial wellness solutions, has announced a US$200 million asset-backed securitization (ABS) of its On-Demand Pay receivables. This landmark transaction, backed by some of the world's most prestigious financial institutions, establishes a new asset class and significantly extends DailyPay's capacity to partner with employers in providing on-demand pay options.

With the addition of the new US$200 million securitization, DailyPay has secured nearly US$1 billion in debt financing backed by its On-Demand Pay receivables, which includes its existing US$760 million secured debt facility with Barclays, Citi, and TPG Angelo Gordon.

Latham & Watkins LLP again represents DailyPay in this latest transaction with a deal team led by partners Loren Finegold, Haim Zaltzman, and Elizabeth Oh, with associates Maeve Chandler, Jeffrey Saavedra, Tony Noh, Alex Tiller, Sylvia Zhang, and Helen Zhang. Advice was also provided on regulatory matters by partner Parag Patel, with associate Mikhail Bushinski; and on tax matters by partners Elena Romanova and Aaron Bernstein, with associate Sam Yang.