Tapcheck Secures $225 Million Investment to Revolutionize On-Demand Pay Services
Tapcheck, a leading on-demand pay provider based in Texas, has successfully raised US$225 million in an impressive funding round that combines equity and debt financing. This significant financial boost aims to enhance the company’s mission of providing employees nationwide with immediate access to their earned wages, thereby alleviating financial stress and improving overall employee satisfaction.
Details of the Funding Round
This funding includes a notable US$25 million Series A extension, led by existing investor PeakSpan Capital, along with a substantial US$200 million credit facility from Victory Park Capital.
Empowering Employees with Immediate Access to Wages
Ron Gaver, co-founder and CEO of Tapcheck, expressed his enthusiasm about the funding, stating, “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.”
About Tapcheck
Founded in 2019 by Ron and Kayling Gaver, Tapcheck specializes in providing employees with early access to their earned wages before the standard payday. Here are some key features of the Tapcheck platform:
- Integrates with nearly 300 payroll and timekeeping systems
- Offers employees more financial flexibility
- Maintains payroll accuracy for employers
- Free for employers to implement
Notable Clients and Impact
Tapcheck serves a variety of high-profile clients, including Hilton, Planet Fitness, Taco Bell, and Jiffy Lube. The company has processed over US$160 million in advance wage payments for 112,000 employees at McDonald’s and supports frontline staff in various sectors, including skilled nursing, home health, and rehabilitation.
Future Plans and Developments
Jack Freeman, partner at PeakSpan Capital, commented on the partnership, saying, “We are fired up to embark on this next chapter alongside Tapcheck. 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.”
The newly acquired funds will be directed towards:
- Developing Tapcheck’s latest product offerings
- Expanding its Mastercard offering
- Enhancing the company’s AI capabilities
For more information about Tapcheck and its innovative on-demand pay solutions, visit their official website.
