Below is our recent interview with Jason Lee, the Founder & CEO at DailyPay:
Q: Could you provide our readers with a brief introduction to your company?
A: DailyPay is a financial technology company and leader in on-demand pay. Founded in 2015, I created DailyPay to disrupt the invisible rules of money. Through our massive data network, proprietary funding model, and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions.
We partner with America’s largest and best-in-class employers, including Dollar Tree, Berkshire Hathaway and Adecco to provide their hourly employees with on-demand pay benefits. What this means is that as their employees complete their shifts, they have instant access to the money they’ve already earned.
It allows employees to have financial freedom while eliminating the need for predatory payday loans, overdraft fees, among other financial consequences. In fact, with DailyPay, users save an average of $1,205 annually.
Q: Can you give us more insights into your offering?
A: In January 2022, DailyPay announced a one-of-a-kind digital wallet solution designed for everyday working Americans, many of whom are facing unprecedented financial challenges with the resurgence of the pandemic. The DailyPay wallet solution is the only digital wallet that automatically fills itself each day a user works, reflecting their pay balance in real-time. As long as the user works for a company partnering with DailyPay, their usable DailyPay Balance™ is always growing — effectively doing away with the traditional payday.
The DailyPay wallet solution (formerly called the PayEx® platform) creates a frictionless personal finance experience by connecting to over 6,000 financial institutions supporting any bank account, debit card or prepaid card. In addition, the DailyPay wallet allows you to save your money as you earn it and supports an array of capabilities including bill pay, investing, buying goods and services, and more. By providing transparency around, and access to, money as it’s earned, DailyPay users have total transparency into their earnings and more control over their money.
Q: What can we expect from your company in the next 6 months? What are your plans?
A: DailyPay is changing the world with technology that is creating a new financial system and erasing the invisible rules of money. Rules that say that even if you work and earn every day, you still get only paid for some reason once every two weeks. Rules that prevent merchants from actually connecting with their shoppers at the right moment, when they actually want to buy something. Rules that decide who can and who can’t open up the best bank account for themselves.
Q: What is the best thing about your company that people might not know about?
A: The best thing about DailyPay you might not know is how we are destroying the predatory payday loan industry. According to research commissioned by DailyPay in partnership with Aite Group, 95% of DailyPay users stopped using payday loans or reduced use after access to our service.