DailyPay will expand its On-Demand Pay platform to Canada in May.
The company will make this earned wage access platform available to new and existing clients with operations in Canada, DailyPay said in a Wednesday (April 30) press release.
“Expanding into Canada is a major step in our mission to better serve our multinational clients and partners and to provide On-Demand Pay to everyone, everywhere,” DailyPay Vice President of International Josh Durodola said in the release.
Some of the company’s first clients in Canada include Hotel Equities, Sekure Payments Experts, Bamford Produce and Kids & Company, according to the release.
“Providing access to DailyPay aligns with our goal to empower our associates by giving them greater flexibility and control over their earnings, ultimately helping them achieve financial stability and peace of mind,” Hotel Equities Regional Director of Operations Raj Chollangi said in the release.
DailyPay announced its first expansion beyond the U.S. in September, when it made its platform available in the United Kingdom, and the company plans to continue to expand globally, per the release.
“Many of our clients and partners are multinational, and they have increasingly expressed the need to offer this valuable benefit to their employees beyond the U.S.,” Durodola said in a September press release announcing the company’s first international expansion.
Earned wage access offers paycheck-to-paycheck households an alternative to high-risk options like loan sharks and bank overdraft fees when they don’t have the savings to pay for unexpected expenses, according to the PYMNTS Intelligence and The Clearing House collaboration, “Living Paycheck to Paycheck: Real-Time Payments for Financial Health.”
When DailyPay secured $175 million in funding in January 2024, the company said this move reflected the rapid growth of its on-demand pay offering.
The funding secured at that time included a $75 million equity round and a $100 million expansion of an existing secured credit facility, with additional financing provided by Citi. It brought DailyPay’s secured debt facility to $660 million.
DailyPay said in a January 2024 press release that it would use the funds to accelerate its growth and expansion into new markets and categories.
