On-demand payment fintech, DailyPay raised $175 million from investors this week while the banking payments fintech Amount landed nearly $100 million, they said in press releases. The investments underscore how the industry has become a magnet for money.
New York-based DailyPay said in a press release yesterday that in addition to the new equity investment, it also sourced $325 million in credit capital to fuel its business that enables employers to let employees pay themselves before the end of a standard pay period. For a $2.99 flat fee, employees can receive payments from what they’ve earned, ahead of payday. The employer can also agree to cover the fee.