Overview of Transaction

• On May 18, 2021, DailyPay announced that it had raised $175 million of capital in its Series D equity financing, as part of a total capital raise of $500 million, including $325 million of debt
• The Series D investment was led by Carrick Capital Partners with participation from existing investors
• Headquartered in New York, DailyPay is the recognized gold-standard in on-demand pay, with 80% of Fortune 200 companies that offer on-demand pay partnered with DailyPay

Significance of Transaction

• The Payroll industry is undergoing an “on-demand” revolution, as employers and employees focus more on financial wellness than ever before
• DailyPay intends to invest its newly raised capital in new market opportunities for its technology platform, in addition to extending its market leadership position in on-demand pay amongst the largest employers in the world
• “Since 2016, we have partnered with world-class employers to enable their employees to access or save their pay as they earn it... We are now expanding our platform to change the relationship between merchants and their shoppers, as well as financial institutions and their customers. This platform enables us to create a new financial system by rewriting the invisible rules of money.” — Jason Lee, CEO & Founder

FT Partners' Role

• FT Partners served as the exclusive financial and strategic advisor to DailyPay
• This transaction highlights FT Partners’ deep domain expertise across a wide range of FinTech verticals, as well as its successful track record generating highly favorable outcomes for high-growth companies