DailyPay Appoints Executive Chairman Nelson Chai as CEO

DailyPay has appointed its executive chairman, Nelson Chai, as its new CEO.

Chai succeeds Stacy Greiner, who will continue to serve as an advisor, the company said in a Wednesday (Oct. 1) press release.

This leadership transition comes at a time when DailyPay has expanded its strategy to include not only on-demand pay but also a suite of financial wellness solutions for its customers’ employees, according to the release.

Chai is “the right leader for this next stage of growth,” CeCe Morken, the newly elected board chair of DailyPay, said in the release.

“His experience at the leading edge of FinTech, and his knowledge of consumer markets, will foster further expansion and enhance our ability to deliver new offerings and even greater value for employers and employees alike,” Morken said.

Before joining DailyPay as executive chairman, Chai served as chief financial officer at Uber, CEO of The Warranty Group, president of CIT Group, CFO of Merrill Lynch and CFO of NYSE, according to the release.

PYMNTS reported in January, when Chai joined DailyPay, that while serving as Uber’s CFO from 2018 to 2023, Chai led the ridesharing and food delivery giant’s IPO, a $2.65 billion acquisition of Postmates and a $2.25 billion acquisition of logistics operator Transplace.

Chai said in the Wednesday press release that there is growing demand to “evolve employee pay,” that DailyPay is at the forefront of an effort to provide companies with the ability to provide customized benefits, and that these offerings help employers build a more engaged and stable workforce.

“I’m pleased to lead DailyPay at a time of tremendous opportunity to drive innovation, accelerate growth and expand our positive impact on the lives of frontline workers,” Chai said in the release.

Some additions to DailyPay’s product offerings over the past year include a financial wellness tool called Credit Health that features insights like credit bureau scores and histories, credit reports, monitoring/alerts and score factors; an expansion of its earned wage access services to the United Kingdom, which marked its first expansion outside of the United States; and the addition of an international remittance feature to its platform.