DailyPay scores $5m for on-demand economy payments

DailyPay, a New York startup that allows on-demand businesses to offer employees or contractors daily payments, has raised $5m in a Series A round of funding.

The capital comes from Inspiration Ventures, Draper Frontier, Agilic Capital and RPM Ventures.

The company says it funds more than 1m payments to employees a year.

It operates across a number of industries, but it’s in the relatively new on-demand economy where it’s having the greatest impact in allowing workers to cash in on their earnings that day.

DailyPay charges a fee of between $0.99 and $1.50 for workers to cash in on their earnings early.

The startup’s total funding now sits at $6.5m with it previously taking on $1.5m in a seed round last October.

Copyright © 2016 FINTECH GLOBAL

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