New York-based fintech firm DailyPay has announced a £24 million investment in Belfast to create around 200 new jobs by the middle of next year.
Founded in 2015, the US company’s platform allows payroll providers to offer employees early access to wages they have earned, helping them avoid payday lenders.
The investment was secured after Invest NI’s team the US worked with the company to promote the benefits of establishing a base in Belfast.
DailyPay, which currently operates from New York and Minneapolis, first opened in Belfast during 2021 and later relocated to McAuley House in Castle Street in 2022.
Around a third of the 293 planned jobs - which will pay average salaries of £42,500 - are already in place, with the remainder expected to be recruited by mid-2025.
Many of the new roles are hybrid working, with two-thirds in customer excellent and the remainder in product and engineering roles.
Ed Zavel, DailyPay’s chief customer officer said: “It’s a very attractive investment option for us, because there is a highly educated and talented workforce, it’s very cost competitive from a business environment standpoint, and we’ve had great support from Invest NI.”
Most of DailyPay’s clients are US-based, but the company is increasingly eyeing the international market for its platform, particularly in the context of the cost-of-living crisis.
“There is a demand, certainly in the UK market and Canada, that we have identified,” added Mr Zavel.
“It gives [employees] an agency over the wages they have already earned to buy groceries, petrol or pay bills on time, giving more financial security and wellness.”
The Belfast investment announcement comes just days after DailyPay raised an additional $75m in in equity financing from new and existing investors.
The firm also secured a $100m expansion of its credit facility.
The additional credit capacity has been provided by Citi and builds on an existing $500 million commitment by Barclays and others.
Invest NI has offered the company £1.1 million to support DailyPay, whose clients include Duracell and a number of major US casual dining chains.
Mel Chittock, the interim chief executive of Invest NI, expects DailyPay’s Belfast operation will grow well beyond 293 jobs.
“They have just gone through a very significant fund-raising round and have built Northern Ireland as an operational hub,” he said.
“This was an internationally mobile project. What we’ve done is help them choose Belfast as prime location.”
Mr Chittock said DailyPay’s hybrid model means around 50% of its staff live outside the greater Belfast area.
“These are 293 very good, well-paid jobs, but it also offers opportunities for young graduates and for people looking to move careers into software development,” he added.
