![[US] Tapcheck raises $225 million in equity and debt funding](http://gpa.net/cdn/shop/articles/bigstock-Dollar-Sign-On-Abstract-Financ-179665777_f0ea90f2-ab61-4975-855f-5ed19c88a2da_1200x.jpg?v=1744916869)
The on-demand pay provider Tapcheck has announced that it has raised $225 million in combined equity and debt financing, Silicon reports.
The funding includes a $25 million Series A extension round led by existing investor PeakSpan Capital, and a $200 million credit facility provided by Victory Park Capital.
“We’re thrilled to have the continued support of PeakSpan Capital and the strategic backing of Victory Park Capital,” Ron Gaver - co-founder and CEO of Tapcheck - said. “This infusion of capital will further strengthen our capacity to empower employees nationwide and alleviate financial pressure by granting access to earned wages ahead of traditional pay schedules.”
Tapcheck was founded in 2019 by husband-and-wife team Ron and Kayling Gaver and reportedly came from their vision to address the financial difficulties caused by traditional pay cycles. The company enables workers to access their earned wages seamlessly before payday, easing the stress of living paycheque to paycheque and aiming to improve employee morale, retention, and productivity.
In the past five years, Tapcheck has facilitated over $1 billion in early wage funding and served 12,000 employer locations and says it is committed to security, compliance, and transparency, ensuring payroll control remains intact for organisations. Its proprietary earned wage access engine aims to deliver exceptional accuracy in wage calculations, enhancing financial transparency and boosting employee engagement.
“We are fired up to embark on this next chapter alongside Tapcheck,” Jack Freeman - partner at PeakSpan Capital - said. “Over the last three years, we’ve witnessed Ron and Kayling assemble a world-class team, build game-changing products and amplify reach through growing by over 20x. They’ve done so while tripling down on user experience, payroll accuracy, integrations and onboarding – Tapcheck’s standout strengths, enabling the business to drive maximum value to the end user wage worker.”
This latest capital injection will reportedly support the continued development of Tapcheck’s newest product, designed to give millions of employees early access to their wages. In addition, it will enhance the accessibility of Tapcheck’s Mastercard offering and accelerate the expansion of its AI capabilities.
“Tapcheck is setting a new standard for how employees access and manage their earnings,” Jason Brown - senior partner at Victory Park Capital - said. “By addressing real financial needs while driving retention and performance for employers, Tapcheck is delivering measurable value – and we have strong confidence in the company’s leadership, model, and mission.”
Source: Silicon
(Quotes via original reporting)
The on-demand pay provider Tapcheck has announced that it has raised $225 million in combined equity and debt financing, Silicon reports.
The funding includes a $25 million Series A extension round led by existing investor PeakSpan Capital, and a $200 million credit facility provided by Victory Park Capital.
“We’re thrilled to have the continued support of PeakSpan Capital and the strategic backing of Victory Park Capital,” Ron Gaver - co-founder and CEO of Tapcheck - said. “This infusion of capital will further strengthen our capacity to empower employees nationwide and alleviate financial pressure by granting access to earned wages ahead of traditional pay schedules.”
Tapcheck was founded in 2019 by husband-and-wife team Ron and Kayling Gaver and reportedly came from their vision to address the financial difficulties caused by traditional pay cycles. The company enables workers to access their earned wages seamlessly before payday, easing the stress of living paycheque to paycheque and aiming to improve employee morale, retention, and productivity.
In the past five years, Tapcheck has facilitated over $1 billion in early wage funding and served 12,000 employer locations and says it is committed to security, compliance, and transparency, ensuring payroll control remains intact for organisations. Its proprietary earned wage access engine aims to deliver exceptional accuracy in wage calculations, enhancing financial transparency and boosting employee engagement.
“We are fired up to embark on this next chapter alongside Tapcheck,” Jack Freeman - partner at PeakSpan Capital - said. “Over the last three years, we’ve witnessed Ron and Kayling assemble a world-class team, build game-changing products and amplify reach through growing by over 20x. They’ve done so while tripling down on user experience, payroll accuracy, integrations and onboarding – Tapcheck’s standout strengths, enabling the business to drive maximum value to the end user wage worker.”
This latest capital injection will reportedly support the continued development of Tapcheck’s newest product, designed to give millions of employees early access to their wages. In addition, it will enhance the accessibility of Tapcheck’s Mastercard offering and accelerate the expansion of its AI capabilities.
“Tapcheck is setting a new standard for how employees access and manage their earnings,” Jason Brown - senior partner at Victory Park Capital - said. “By addressing real financial needs while driving retention and performance for employers, Tapcheck is delivering measurable value – and we have strong confidence in the company’s leadership, model, and mission.”
Source: Silicon
(Quotes via original reporting)
