The CXO Fortune

DailyPay

A Rising Star In Employee Finance

A Brief Insight into DailyPay

DailyPay is a hypergrowth, New York-based financial technology company that enables employees to control when they get paid. Companies typically pay their staff every two weeks; DailyPay’s software allows employees, who are largely paid an hourly wage, to access their money as soon as they earn it. They partner with 80% of the Fortune 200 companies that offer on-demand pay in just about every industry, from restaurants to retail, to ensure that money is available when needed for employers, merchants, and employees.

The DailyPay platform provides an advanced, accurate, and frictionless pay experience that can be adopted with ease and integrated seamlessly into any organization’s tech stack. Forward thinking companies across the U.S. turn to DailyPay to help them build a happier, more engaged workforce, which has become especially important as the U.S. economy recovers from the Covid-19 pandemic and subsequent workforce shortage. DailyPay employs about 400 people.

Company Growth and Excelling Achievements of DailyPay

In 2016, DailyPay 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.

DailyPay wanted to completely reimagine the way money moves, so they built a technology platform capable of powering on-demand pay. Their secret sauce? A simple but powerful tool called 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.

Achievements & Awards

DailyPay has garnered multiple laurels at the local, regional, and international levels.

  • Fast Company’s World Changing Ideas Honorees for 2021
  • 2021 on Con Icon Awards – Top 25 Human Resources Vendor Award
  • DotCom Magazine 2021 Impact Company Of The Year
  • Forbes America’s Best Startup Employers 2021
  • The Top 50 Financial Technology CEOs Of 2021
  • Built-In 2021’s Best Places to Work in NYC
  • CIO Bulletin’s 5 Best FinTech Companies in 2021
  • Minneapolis/St. Paul Business Journal’s Best Places to Work for 2021

Products/Services Offered by DailyPay

DailyPay pioneered an on-demand pay solution that helped consumers view their pay balance and access their earned money at all times, enabling financial flexibility and stability. In 2020, they launched PayEx Suite, a range of products & services that transformed how employees access their earned money and opened doors for employers to further improve productivity, engagement and retention.

Employee PayEx Suite

  • Access to 100% of earned pay instantly with PAY product
  • Use SAVE to save towards financial freedom. DailyPay offers three unique saving solutions
  • Track your balance and get alerts on payday, which you decide
Jason Lee_CEO and Founder of DailyPay (2) (1)

Employer PayEx Suite

  • Recognize your employees digitally in minutes with REWARD
  • Process off-cycle payments through digital disbursement with CYCLE
Recently, DailyPay launched  ExtendPX, a solution that offers HCM and payroll companies solutions unique from their competitors.  DailyPay’s ExtendPX is designed to seamlessly integrate into a company’s existing payroll system, with no operational disruptions and compliance issues. By opting in for ExtendPX, employers can easily incorporate DailyPay into their current systems without the hassle of reimplementation. ExtendPX removes the complications of building an on-demand pay platform and the back-end complexities, leaving employers with a compliant, easy-to-use payments technology platform. And they don’t stop there. With DailyPay’s Real-time-payments network (RTP), employers can now make payments at unmatched speed and accuracy without disrupting the employer’s normal weekly or biweekly payroll administration and process.

Pillars of DailyPay

Jason Lee

A graduate of the University of Pennsylvania with an extensive Wall Street background, Mr. Jason Lee is currently a fintech entrepreneur and the CEO and the founder of DailyPay. He was named the Gold Winner “Innovator of the Year” at the 2020 CEO World Awards. He was the Chairman of the Board of SafeSpace and co-founded the Alicia and Jason Lee Foundation with his wife.

Jeanniey Walden

Jeanniey Walden, who studied at the University of Pittsburgh, is the CIMO of DailyPay. She has led global growth and marketing for Fortune 100 companies, authored many books, launched 5 companies, and soon a podcast. She was named the Most Influential Women in Payments 2021 by Payments Source, Top 50 Marketer by 2021 on Con Icon Awards, a “Woman of the Year” in the 17th Annual Stevie Awards for Women in Business 2020, and the Most Influential Women Leaders to Follow in 2021 by Industry Wired.

Dream Work Environment at DailyPay

DailyPay is an organization of nearly 500 individuals, with the motto of winning with diversity. They have four employee resource groups – DailyNoire, DailyPride, DailyWomen, and DailyGray.

Work-life balance is a priority. Employees have access to workout classes, on-demand pay,  outstanding medical, dental, and other standard benefits. They also added a 401k match program and a self-directed Learning and Development stipend program. Programs like LinkedIn learning and managerial training take place at regular intervals to build generational talent and empower employees to direct and enhance their career development. Along with a wide range of benefits, DailyPay puts in 100% to create an inclusive, welcoming culture and hosts a variety of creative team-building events from wine tastings to magic shows.

Charities & DailyPay

DailyPay has been a part of the Bipartisan Policy Center’s “Funding our Future” to make retirement security for Americans. In February, they partnered with America Saves to prioritize employees’ financial stability, and DailyPay offered their no-cost AutoSAVE feature for an easier saving journey for the American workers. DailyPay has worked with other foundations in the past such as the Kalief Browder Foundation.

Future of DailyPay

With 80% of the Fortune 200 companies that provide on-demand pay as current clients, DailyPay is confident that their programs will continue to be highly-valued in the marketplace. DailyPay has seen rapid acceptance and adoption, resulting in an increase in employee productivity, decrease employee financial stress, and reduction in turnover.

But they’re just getting started. DailyPay sees itself developing even better solutions to deliver more financial security to employees across every interaction with employers, merchants, and financial institutions.