The total funding is made up of a mix of revolving credit facility capacity and new term loan funding. The revolving credit facility has been provided by Barclays ($100 million) and Angelo Gordon ($60 million), and the $100 million in new term loan funding comes from SVB Capital and a fund managed by Neuberger Berman.
DailyPay had initially secured a $300 million revolving credit facility from Barclays in March 2022.
The company says the cash will be used to fuel domestic growth, expand internationally and invest in product innovation.
