What was your motivation in co-founding DailyPay? In 2015, I was trying to order a pizza and saw that my favourite pizza chain was not on the online delivery service. So, I did some research and found that it was due to a payment timing issue – the same timing issue endemic to the American payroll cycle. When I looked across this entire landscape, here is what I saw. We have a pay system that revolves around the employer but completely ignores the needs of the employees. Those employees then seek highly inferior alternatives like payday loans to address the gaps caused by the system’s failure. Their financial health deteriorates, which hurts their families, society and, yes, their employers through higher turnover and absenteeism. We have employers who believe the only lever to pull when it comes to pay is rate. And so these observations led me to this question: What if we were to rebuild payroll from the ground up, but this time putting the employee at the centre of the system? And what if we built a completely outsourced solution so employers could preserve their existing processes? And that is when DailyPay was born in my basement in 2015. In November, DailyPay will be six years old. What key factors have driven its success since it launched in 2015? In 2016, we embarked on a mission to build a new financial system that starts working, the minute work starts. For too long, the way money moves has been controlled by a set of invisible rules – invisible rules that just make all of our lives harder. Rules that say that even if you work and earn every day, you still get only paid 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 cannot open up the best bank account for themselves. Rules that say you cannot save and invest before payday. We built a technology platform to reimagine the way money moves, and we launched it with on-demand pay and the concept of this simple but powerful thing we call the pay balance. Our first-of-its-kind technology platform combines a massive data network with tens of millions of nodes over six thousand connections with endpoints in the banking system, and a unique and proprietary funding model that results in a consumer knowing her pay balance – a balance like any other balance – which is your money. Usable, consumable, spendable, saveable. We see this as a win-win-win. We are creating this powerful technology platform. Employers using ODP are keeping employees as much as 72% longer and hiring 52% faster while employees are saving an average of $1,200 a year from avoiding overdraft fees, late fees and payday loans. How do you feel that DailyPay has changed the way payroll is handled since that time? The antiquated payroll system is an outdated relic of the past. We are living in a digital, contactless world where you can access almost anything you want at the touch of a button, and millions of our users have come to rely on easy access to their money as they earn it. DailyPay is building a financial system that starts working the minute work starts. With DailyPay, employees now have complete control and access over their earned pay. DailyPay enables employees to have 24/7/365 access to their money. No longer do they need to wait on their companies to run payroll. Now they can view their pay balance in real-time, so they can budget, pay bills and save at the click of a button. For employers, it is a solution that comes with no payroll change or costs. What would you consider to be the biggest achievements of your career to date? Seeing the life-changing impact DailyPay has on millions of individuals and families excites and motivates me to work every day. One of my greatest joys is reading testimonials of our users who share how DailyPay helps them take care of everything from diapers to groceries to starting a savings account. I started DailyPay after seeing the negative impacts of a broken financial NEW YORK
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