DailyPay announces expansion into the UK

DailyPay is headquartered in New York City and provides earned wage access through a technology platform used by major US employers. The company offers employees an option to access wages before traditional payday cycles, aiming to support financial stability and reduce turnover. 

Starting this fall, the company will introduce its EWA offering in the United Kingdom, a move that marks its first venture outside the United States. According to the official press release, initially, this service will be available to existing DailyPay clients operating in the UK. 

Representatives from DailyPay talked about these recent developments and explained that expanding internationally aligns with the company’s objective to make earned wage access more widely available. They also noted that many of the company’s multinational clients have expressed interest in extending this benefit to employees outside the US. The service aims to offer UK workers better financial management by allowing them to access wages as they are earned.

Financial stress in the UK workforce 

Data from the UK's Money and Pensions Service (MaPS) reveals that over 16 million workers missed essential bill payments in 2023. The official press release affirms that DailyPay's US users have reported improvements in their financial habits, with 69% of those surveyed stating they have reduced or eliminated late fees since using the service. 

Further research, such as The Great British Financial Literacy Test, highlights that 88% of UK workers lack confidence in managing their finances, and 32% report financial stress affecting their mental health. DailyPay’s system, which allows access to earned wages before payday, aims to provide financial flexibility in a country where workers are typically paid on a monthly basis. 

DailyPay partners with a range of employers, from Fortune 500 companies to small businesses, in offering EWA solutions. The service is designed to help users avoid fees associated with overdrafts, payday loans, and high-interest credit products by giving them more control over their earnings.