Kevin Coop, CEO, DailyPay
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Kevin Coop is the CEO of DailyPay, a Financial Technology company that provides on-demand access to earned wages for millions of workers in the US. The company offers a software platform that enables enterprise employees to access a portion of their earned wages ahead of the traditional payday schedule. Kevin joined the company as CEO in early 2022 and has decisively steered the company into its next chapter by driving substantial revenue growth and profitable operations.
Historically, hourly workers in the US have been locked into standard pay cycles or pushed into alternative financing options (i.e. Payday Loans). These loans were expensive, unregulated, and often predatory in nature. Even today, these practices persist, as a recent study found that 22% of hourly workers say they have taken out a payday loan this 2022. Fortunately, DailyPay has delivered a tech-enabled lending solution to the market, with fair terms and financial flexibility for workers at the heart of its platform.
Today, DailyPay partners with hundreds of businesses, including large corporations and gig economy platforms, to offer this benefit to millions of employees. It integrates with payroll systems to provide a seamless and secure way for employees to access their earnings, track their financial progress, and manage their finances more effectively. And employees are speaking with their feet - the average turnover rate improved by 35% for workers with DailyPay’s earned wage access solution. And Kevin continues to lead new initiatives within the company, including its Friday card– a reloadable prepaid card and app that makes financial transparency control available to employees. Says Coop, “Payday loans and overdraft fees have been a financial plague on underserved communities for far too long. DailyPay is disrupting those predatory industries with an innovative product that allows workers to access their earned pay before an arbitrary payday so bills can be paid on time.”
A career executive in financial technology companies, Kevin Coop brings decades of experience in large company operations, having driven growth and sustained profitability at enterprises of various sizes and stages. Most recently, Kevin served as President of North America at Dun & Bradstreet, where he was responsible for business across all product lines and operations in North America. Prior to Dun & Bradstreet, Kevin served as Group Executive and President at Black Knight, where he oversaw Data & Analytics across the firm’s divisional groups.
We are thrilled that Kevin and co. recently announced their latest fundraise of over $175 million in new capital, with $75 million in equity financing and a $100 million expansion of its credit facility.