Listen to this articleBelow is our recent interview with Jason Lee, CEO and Founder of DailyPay:
Q: At DailyPay, you are reinventing human capital management; can you give us more insight into who you are and what problem you are solving?
A: DailyPay is a hypergrowth NY-based technology company. We work with enterprises and Fortune 500 companies in just about every industry, from health care to restaurants to retail, to ensure that money is always in the right place at the right time for employers, merchants and financial institutions.
In 2016, we embarked on a mission to build a new financial system that starts working the minute work starts. For too long, the way money moves has been controlled by a set of invisible rules:
● Rules that say that even if you work and earn every day, you still get only paid once every two weeks, for some reason.
● Rules that say you can only start saving and investing after your employer runs payroll.
● Rules that decide who has access to the best banking services.
We wanted to completely reimagine the way money moves, so we built a technology platform capable of powering on-demand pay. Our secret sauce? A simple but powerful tool we call the Pay Balance, which gives consumers unprecedented control over their earned pay. It’s usable, consumable, spendable, saveable — just like the money you already have access to in your checking account today.
We see this as a win-win. We’re creating this powerful technology platform and employers using on-demand pay are keeping employees up to 72% longer and hiring 52% faster. And employees are saving up to $1,200 a year — money they would otherwise have to pay in overdraft fees, late fees and payday loan interest.
Recommended: Q: Can you explain the Pay Balance in greater detail as this feels like a really BIG idea?
A: We have spent the last five years building technology that determines a consumer’s Pay Balance. Through our platform that has over 200 integrations with leading payroll, time and attendance, and human capital management software providers, our unique and proprietary funding model, and our over 6,000 connections into the banking system, we can now provide tens of millions of employees with their real-time Pay Balance. 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 they can provision other accounts directly from their Pay Balance. In short, they can do anything with their Pay Balance that they can do with cash in their checking account.This is how the world should work. A simple, continuous movement of money from the minute you earn it to becoming immediately usable. We are building a new financial system, one that starts working, the minute work starts. One where money is always in the right place, at the right time, for everyone.
Q: Why is the DailyPay story so relevant today as America Reopens?
A: This is a seminal moment in our country’s history. Every employer is thinking: “What am I doing differently as I reopen my business? How do I attract and retain my workers?” Our view is that pay is the place to start.
DailyPay is the solution companies leverage to hire and retain workers, helping American business get back on its feet. Companies are struggling to rehire post-pandemic. Not only that, but also to retain the staff they have. When they struggle with employee turnover, customer service inevitably suffers. High turnover is causing their businesses to close early and, in some cases, fail. DailyPay helps companies tackle hiring challenges by offering their employees the power to access their earned pay from day 1 on the job, which is a powerful motivator.
We have the research that tells the story. It starts with 52% of job seekers seeking a DailyPay benefit in their next job, which leads to companies offering DailyPay filling open roles 53% faster than those who don’t offer it. And once they are hired, they stay longer. Employees stay up to 72% longer at their jobs when they have DailyPay, according to a recent report from the Mercator Advisory Group.
Q: What can we expect from DailyPay in the next 3 months? What are your plans?
A: Our $175 million raise in our Series D equity round, on top of our $325 million credit facility, will enable us to expand into new market opportunities for our industry-leading technology platform. In addition, we plan to extend our market leadership position in on-demand pay among the largest employers in the world, leveraging our best-in-class suite of services for millions of employees nationwide.
Recommended: Q: What is the secret sauce that makes DailyPay such an attractive place to work?
A: It’s all about our people and our values. We really take pride in our seven company values, particularly “We Win With Diversity.” We have a Head of Diversity & Inclusion, a Diversity Leadership Committee and four employee resource groups — DailyNoire, DailyGay, DailyWomen and DailyGray. We’re proud that almost half of our workforce self-identify as women in a male-dominated industry. This is especially important to us as the majority of our users are female. Through our diversity of background, experience, opinions and views, we continue to build a sustainable business. Diversity is more than just the sum of our many parts. At DailyPay, we believe it’s our superpower. It’s how we win.
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