Funding round
DailyPay Series B
DailyPay, which works in device repair services in New York, raised $9.0M in a Series B round announced on 15 Feb 2018, led by Intercept Ventures. 8 firms took part, 3 of them already investors. It is DailyPay's third venture round on record; the one before was a Series A in Aug 2016.
$9.0M
Amount raised
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
DailyPay did not disclose a valuation in this round; its last disclosed one was $7.5M at the Seed (Oct 2015). It came 18 months after DailyPay's Series A. It is 4.7% of the $191M DailyPay has raised in the venture rounds on record. DailyPay raised again 39 months later: a Series D round of $175M in May 2021.
DailyPay's funding rounds
DailyPay has 4 venture rounds on record and 8 other deals. This one is highlighted.
- Seed 31 Oct 2015 $1.5M$7.5M post-money
- Series A 16 Aug 2016, led by RPM Ventures $5.0M
- Series B this round 15 Feb 2018, led by Intercept Ventures $9.0M
- Series D 18 May 2021, led by Carrick Capital Partners $175M
- Debt not a venture round 20 May 2021 $325M
- Debt not a venture round 24 Jan 2023 $260M
- Debt not a venture round 18 Jan 2024 $100M
- Debt not a venture round 25 Oct 2024 $100M
- Debt not a venture round 30 Jun 2025 $200M
- Debt not a venture round 30 Dec 2025, led by JPMorgan Chase Bank, N.A. $195M
- Debt not a venture round 19 Feb 2026 $960M
- Debt not a venture round 8 Oct 2026 $200M
Investors
Who put money in
Intercept Ventures led the round with 7 other firms. RPM Ventures, Inspiration VC and Draper Frontier had backed DailyPay before.
Lead investor
- backs 4 venture-backed companies new investor
Also in the round
- backs 10 venture-backed companies existing investor
- backs 9 venture-backed companies existing investor
- Draper Frontier existing investor
- Broadway Angels new investor
- backs 17 venture-backed companies new investor
- backs 65 venture-backed companies new investor
- backs 96 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
7 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $25M, and this round was 36% of the median. The closest in time, other companies' Series B rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| DriveWealth Financial Services | 3 Apr 2018 | $21M | not disclosed | Raptor Group and SBI Holdings |
| Ualá Financial Services | 1 Oct 2018 | $34M | not disclosed | Goldman Sachs Investment Partners |
| ProducePay Financial Services | 18 Oct 2018 | $14M | not disclosed | Anterra Capital |
| Financial Services | 4 Dec 2018 | $28M | not disclosed | not named |
| Financial Services | 20 Dec 2018 | $8.1M | not disclosed | not named |
| Petal Financial Services | 29 Jan 2019 | $30M | not disclosed | Valar Ventures |
| Financial Services | 6 Feb 2019 | $25M | not disclosed | Khosla Ventures |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did DailyPay raise in its Series B round?
DailyPay raised $9.0M in its Series B round, announced in Feb 2018.
Who led DailyPay's Series B round?
Intercept Ventures led it, with RPM Ventures, Inspiration VC, Draper Frontier, Broadway Angels and Dispersion Capital and 2 more.
What was DailyPay's valuation at the Series B round?
It was not disclosed; its last disclosed one was $7.5M at the Seed (Oct 2015).
How does it compare with other Series B rounds in Financial Services?
7 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $25M, and this round was 36% of the median.
Did DailyPay raise again after this round?
Yes: a Series D round in May 2021 of $175M.