New York-based earned wage access provider DailyPay has announced that it is expanding into the UK, its first market outside the US.
The service will initially be offered to DailyPay’s US clients with operations in the UK.
Josh Durodola, vice president of international at DailyPay, said: “Expanding internationally aligns with our goal to bring earned wage access to everyone, everywhere. Many of our clients and partners are multinational and they have increasingly expressed the need to offer this valuable benefit to their employees beyond the US.
“We are thrilled to bring this financial wellness tool to U.K. workers, empowering them to take control of their earned pay and improve their financial wellbeing.”
DailyPay serves more than a thousand employers and millions of employees in the US and was recently valued at $1.75bn.
By partnering with London-based Level, DailyPay can provide its services quickly by leveraging Level’s advanced technology and local expertise, including Level’s certification under UK regulation.
Level chief executive Stephen Holliday said: “DailyPay’s scale will accelerate progress towards our mission: helping millions more UK workers borrow less and save more. The selection of Level validates our debt-free, partner-first approach. DailyPay’s UK product will utilise the most advanced technology, ensuring the service is fully automated for payroll.”
According to research by the Money and Pensions Service, more than 16 million UK workers have missed payments on key household bills in 2023. A survey of DailyPay users in the US showed that 69% who previously paid late fees do this less often or have stopped completely since they started using the service.
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