DailyPay completes a second $200M asset-backed securitisation, taking its receivables-backed financing to about $1.4B

DailyPay has completed a $200 million asset-backed securitisation of its On-Demand Pay receivables, its second ABS after an inaugural $200 million deal in June 2025. Citi was lead bookrunner and structuring agent, with Bank of America and Barclays as joint bookrunners and KeyBanc, Scotiabank and Wells Fargo as co-managers. Morningstar DBRS rated the four classes of notes from AA (sf) to BB (sf).

DailyPay lets employers give workers access to pay they have already earned before payday, funding the advances itself with no impact on the employer's cash flow or payroll. It serves more than 2,000 employers and over 6 million employees, and says it is the only on-demand pay provider to have accessed the ABS market.

Receivables-backed debt now totals about $1.4 billion, including a $960 million secured credit facility. CFO Deepa Subramanian said employer demand is driving the need for funding capacity.

The read: repeat, rated issuance turns earned wage access into a funded asset class.