You joined as Executive Chair in January 2025. What did you see that attracted you to the position of CEO?
DailyPay will revolutionize how people get paid, making on-demand pay widely accessible and improving financial wellness for millions. This company has been built for durable growth, and we are uniquely positioned to serve the largest employers in the country. One example is our recent Workday partnership. Workday understands that partnering with companies with staying power matters, because they are using that platform to talk to their client partners as well. The mission, business model, and total alignment made this opportunity so interesting and attractive.
Since stepping into the CEO role, what changes have you been implementing?
I worked closely with the previous CEO and know what it takes to create a durable business. It was important to me to assemble a team that will accelerate our next phase of growth. We recently hired a new chief product officer, a new chief communications officer, and I brought in a COO who I have worked with twice before in my career. I believe these strategic hires - in partnership with others on my executive team - will help us achieve very ambitious goals.
How are you positioning the company in anticipation of the IPO?
Many people think taking a company public is the goal. The real measure of success is creating a durable company that is set up for sustainable growth. I want to make sure that we have good visibility for the next few quarters after we go public, and that we can use the capital to continue to grow and build a great business. That is what I am more focused on right now. The company is in a good position, and I want to continue to build on that momentum.
Can you talk about how you plan to transform DailyPay into a public company?
We did not really have a robust capital allocation process. Our new CFO, who joined at the beginning of the year, also worked closely with me at Uber. We are going through the process right now of doing fewer things but driving much harder on those things where we are going to focus.
Can you explain how DailyPay is differentiated from other models such as payday loans and why that matters?
First, DailyPay is not a payday lender – DailyPay is not a lender. We are the best, most cost effective alternative for working class workers to get access to their money. Some folks think all EWA providers are the same. We are much different than our B2C competitors, many of which are using EWA as an opportunity to provide earned wage access, while selling all sorts of other products.
We have a different business model. Our product is a paid benefit – sponsored by the employer. The employee has two options to access their money for free and a 3rd option where they pay a small, flat fee for instant transfer. Our benefit structure in the US for most companies was built on an integrated model and focused on frontline white-collar managers. It is not structured for hourly workers.
When I was at Uber, we paid drivers right after they completed trips, and we created a marketplace where we provided benefits like discounted gas, discounted car maintenance, and other things for drivers that are fully engaged on the platform. I was able to see the benefits and the engagement it drives. At Daily Pay, we see the same thing. Some of our largest clients have a 30% attrition rate. If we can drive that attrition down 10 points, it generates huge savings, and the employees are happier because they have access to their funds. Our new chief product officer is building a marketplace and other benefits for end users.
What is your advice for other growing businesses considering private equity?
The best advice I can give is to pick your partners carefully. Over the course of my career, there have been firms that I would not work with, and others that I really embraced. I found the team at Carrick to be exceptional. They are always happy to help and knowledgeable about building the long-term value of the business. If that were not the case, I do not know if I would have stepped into the CEO role.
What are the benefits of working with a group like Carrick Capital Partners?
Carrick provides growth equity capital. Some private equity firms, especially the larger ones, want to create efficiencies and focus on specific things to generate a return. That has not been my experience with Carrick. They are focused on investing and building for growth, which is a much better relationship for a founder who is trying to grow their business. For CEOs looking to grow and to think through the NPV versus just the quick IRR, Carrick is a much better partner.
What is next for DailyPay, and how do you envision the company and the industry will evolve long term?
There will be much more separation between B2B2C companies like ours that are providing a paid benefit versus B2C. I think you will see it on the regulatory front, and I think people like me will be out front talking about it.
If the economy or the credit cycle changes a little bit, our competitors are going to be stuck in a tough spot. That will be an opportunity for us, and I believe we are in a much better place because of our unique value proposition. We are building durable growth, which better positions us for the future.
