The earned wage access game just leveled up, and it’s not subtle. DailyPay locked in a $200 million asset-backed securitization on June 30, 2025, a move that’s less about playing defense and more about building a war chest. Barclays took the lead on the book and structuring, while Citi and Morgan Stanley flanked as joint bookrunners. Morningstar DBRS slapped ratings from AA to BB across the four tranches. That’s not just financial engineering, it’s capital markets jiu-jitsu.
This isn’t DailyPay’s first time on the debt floor either. They’ve pulled nearly $1 billion in receivables-backed debt to date, layering that with an equity game that’s brought in the likes of Carrick Capital Partners, Citi, Fin Capital, RPM Ventures, and Angelo Gordon. What separates DailyPay from the herd? Simple: they’re not chasing liquidity, they’re designing it. While most fintechs are fighting for margin, DailyPay is financing the movement of $25 billion a year in earned wages like it’s clockwork.
It all started back in 2015 when Jason Lee, a Goldman vet with a sharp eye for broken systems, noticed that food delivery payments were lagging, but so were paychecks. Rob Law, part engineer, part architect, co-built the rails. They’ve since exited, but the DNA they left is still humming across NYC, Minneapolis, and Belfast. Now CEO Stacy Greiner, who brought her aerospace brainpower from Cisco and Dun & Bradstreet, is running the show. Deepa Subramanian joined in February 2025 as CFO, after steering financial ops at Uber and JPMorgan. Ken Brause now holds down Chief Administrative Officer duties, while Nelson Chai, the man who once signed the checks at Uber, serves as Executive Chair.
You don’t pull a move like this ABS round without having scale to back it. We’re talking 5 million eligible workers, 1,000+ employer clients, and a footprint that now includes the U.K., with a roadmap pointing to more. Clients? Names you know: Target, Hilton, Kroger, HCA Healthcare, Six Flags, McDonald’s. That’s not a logo slide, that’s operational proof. When your product lowers early-tenure turnover by 58% and integrates with 6,000+ payroll and HCM endpoints without touching employer cash flow, you’re not a feature, you’re infrastructure.
The PayEx platform is more than just EWA. It’s Save, Reward, Cycle, real-time financial tools stitched into the payroll fabric. Toss in a DailyPay Visa card, patented funding methodology, SOC2 Type II and ISO certifications, and you’ve got fintech that doesn’t just disrupt, it delivers.
What’s next? Deeper moves into healthcare, manufacturing, and public sector. Self-serve EWA for SMBs. International remittances. Instant tips. All backed by a securitization engine that scales on command.
DailyPay isn’t just giving people early access to wages, they’re restoring time as a financial asset. And if you’re not watching them redefine liquidity in real time, you’re not watching the future.
