DailyPay CEO Kevin Coop will step down from that position to pursue other endeavors and serve as a board advisor for the company.
The WorkTech firm’s chief operating officer (COO), Stacy Greiner, will succeed Coop and serve as interim CEO, effective June 1, DailyPay said in a Tuesday (May 28) press release.
“Kevin Coop joined DailyPay at a critical time in the company’s growth journey,” Adam Boyden, chairman of the board of DailyPay, said in the release. “Under his leadership, the company achieved many impressive milestones, including sustaining double-digit revenue growth, reaching EBDA [earnings before depreciation and amortization] positivity for the first time in company history and doubling the millions of workers DailyPay empowers to live a better financial life.”
The company’s client list has more than doubled over the past two years, with employers from a wide range of industries tapping DailyPay to offer their employees an earned wage access solution that motivates them and enables them to pay their bills on time, according to the release.
Greiner oversees DailyPay’s four business lines, customer teams, marketing, and all business operations and payment operations in her current role as COO, per the release.
“Given her current oversight of large portions of the business as COO, Greiner is well poised to transition seamlessly into the function of interim CEO without impacting normal business operations,” Boyden said in the release. “DailyPay is well positioned to continue scaling growth and expanding profitability.”
DailyPay secured $175 million in funding in January, saying it will use the funds to accelerate growth and expansion into new categories and markets.
The funding — which includes a $75 million equity round and a $100 million expansion of an existing credit facility, with additional financing provided by Citi — resulted in a 75% increase in DailyPay’s valuation to $1.75 billion.
PYMNTS Intelligence has found that 96% of corporates say that earned wage access helps attract new talent. Almost two-thirds of employers see this benefit as a low-cost tool for employee recruitment and retention, according to “The Rise of Instant Payroll and Early-Access Compensation,” a PYMNTS Intelligence and Ingo Payments collaboration.
