DailyPay– Building Technology and Mindset to Reimagine the Way Money Moves From the Moment Work Starts

DailyPay is a technology company that provides access to earned pay and financial solutions to partnering enterprises and Fortune 500 companies to ensure money is always in the right place at the right time for employers, merchants, employees, and financial systems. DailyPay is on a mission to create a new financial system that works best for everyone. The firm partners with America’s best-in-class employers, including Target, Dollar Tree, HCA Healthcare,McDonald’s, Hilton, and Kroger and is the recognized gold standard in on-demand pay. Also, DailyPay has achieved the gold standard in security by attaining the ISO/IEC 27001:2013 certification.

DailyPay was founded in 2015 and is headquartered in New York City, with operations based in Minneapolis.

Kevin Coop, CEO of DailyPay, spoke exclusively to The Silicon Review on how he and his company are changing the way money moves.

Interview Highlights

Q. What makes DailyPay a standout on-demand pay platform? What is your point of differentiation?

DailyPay is an employer-integrated on-demand pay technology company. Its proprietary, direct integration with employer payroll, time and attendance, accounting, and other systems allows the company to verify employment and wages earned for employees using timely employer information so that only people working and earning wages are able to access verified, on-demand, earned pay.

DailyPay is the country’s leading on-demand pay provider, with a wide diversity of directly-integrated agreements with America’s largest employers, including Target, Kroger, McDonald’s, and Hilton, among others. Through these partnerships, DailyPay’s platform is available to millions of employees spanning retail, hospitality, healthcare, grocery, restaurant, and other industries.

We’re different because we approach business differently:

For Employers:

• Full-service offering with no change to existing processes needed
• KPI reporting and analytics - we differentiate by providing simple, transparent, compliant reporting at the partners’ fingertips. This includes compliance reports and employee adoption trends to ensure program success.
• No wage deductions
• Fortress capital position with ample liquidity and funding

For Employees:

• Access pay wherever/whenever you want it
• Simple, transparent experience with no hidden fees
• Three ways to save
• No debiting

The employees are willing to take a reduction (13 percent) in pay to get daily vs. weekly pay. Today’s financial system is replete with inefficiencies that arise from these invisible rules of money movement that result in all stakeholders losing out. We started by focusing on pay, but we’re just getting started.

Q. ‘We Are Rewriting the Invisible Rules of Money.’ Splendid. Would you like to elaborate on this a bit more?

At DailyPay, we are flipping the financial system by building a financial technology platform that starts working the minute work starts. We recognized the shortage of support and resources many employers and employees encountered, especially after the outbreak of COVID-19. With our existing Pay Balance model in place, which enables employees to have access to their on-demand pay, we expanded our Pay Balance platform. We built innovative solutions on top to efficiently manage pay transactions for employers, employees, banks, and merchants. So this year, we launched our upgraded, all-inclusive Pay Balance Platform.

Q. What new endeavors is your company currently undertaking?

DailyPay is constantly thinking of new ways to grow our Pay Balance platform and plans to announce our Digital Wallet, the DailyPay Wallet, next year. The DailyPay Wallet connects to over 6,000 financial institutions and is compatible with any banking account, debit card, or prepaid card in-network with DailyPay’s partnerships. The DailyPay Wallet is designed to support the following services: bill pay, investing, buying goods and services, and more.

The future we see is one where a consumer can use their Pay Balance as they would any other balance in any other account, as they earn it, in real-time. We see a world where users can pay for goods and services directly from their Pay Balance. We see a world where banks, merchants, and employers can seamlessly provide their services and move money around. Expect to see a new financial system that starts working the minute work starts adopted across the nation and worldwide.

Q. What is your final message to The Silicon Review readers and to your current and future customers and partners?

Diversity, equity, and inclusion are at the forefront of many business leaders’ minds as they strive to create work environments where everyone feels welcome. However, financial equity is an aspect often overlooked. Financial equity and inclusion mean ensuring individuals have equal access to professional opportunities, financial systems, products and services, and ultimately, wealth. We help America’s largest companies to improve the financial equity of their workforce by offering on-demand pay to their employees. With on-demand pay, employers provide a much-needed lifeline and cash flow to their employees, who are often unbanked or underbanked. DailyPay’s technology platform allows employees to transfer their earned pay to any bank account, debit card, or pay card at the push of a button.

Using DailyPay can help employees save an average of $1,205 per year in reduced fees from loans, overdraft fees, and late fees. Aite-Novarica Group’s research shows that 95 percent of those who were previously reliant on payday loans in any way either stopped using payday loans or reduced use after using DailyPay. In addition, 97 percent of those who said they had overdrawn their bank account before using DailyPay now rarely or never incur overdraft fees after using DailyPay.

This helps users improve their credit, build savings, and feel more financially capable and independent by reducing the need to rely on payday loans, pay advances, or personal loans from family and friends. The mission-driven innovation DailyPay created is an important part of how we improve people’s lives every day.

The Visionary Leader Upfront

Kevin Coop is the Chief Executive Officer of DailyPay. He brings three decades of experience running operations, driving growth and sustaining profitability at companies of various sizes and stages. Most recently, Coop served as President of North America at Dun & Bradstreet, where he was responsible for profitability and growth of North America across all product lines and businesses.

Mr. Coop has a tremendous track record of growing, innovating, and operating at both early-stage and more established companies.

“The DailyPay Wallet connects to over 6,000 financial institutions and is compatible with any banking account, debit card, or prepaid card in-network with DailyPay’s partnerships.”

“DailyPay’s technology platform allows employees to transfer their earned pay to any bank account, debit card, or pay card at the push of a button.”