Tapcheck Secures $225M in Equity and Debt Funding for Innovative Earned Wage Access Solutions
Tapcheck, a leading FinTech company in the U.S. specializing in on-demand pay solutions, has recently raised $225 million in a combination of equity and debt financing. This significant funding aims to enhance the growth of its earned wage access platform, which provides employees with immediate access to their earned wages, alleviating financial stress associated with traditional pay cycles.
Funding Overview
The latest funding round comprises a $25 million Series A extension led by existing investor PeakSpan Capital and a $200 million credit facility provided by Victory Park Capital. This capital infusion will support the development of Tapcheck’s innovative products, enhancing its offerings for millions of workers.
About Tapcheck
Founded in 2019 by Ron and Kayling Gaver, Tapcheck aims to transform the financial landscape for employees by offering them the ability to access their earned wages before payday. The platform integrates seamlessly with nearly 300 payroll and timekeeping systems, providing a no-cost solution for employers.
Key Features of Tapcheck’s Platform
- Compliance and Security: The platform prioritizes compliance, security, and transparency in wage calculations.
- Widespread Adoption: Over the past five years, Tapcheck has facilitated more than $1 billion in early wage payments across 12,000 employer locations.
- Employer-Friendly: Employers can maintain payroll controls while offering this valuable benefit to employees.
Client Base and Industry Impact
Tapcheck has established a strong client base, partnering with notable companies such as Hilton, Planet Fitness, Taco Bell, and Jiffy Lube. The platform has gained significant traction in the quick-service restaurant industry, with 112,000 employees at McDonald’s receiving over $160 million in advance wage payments.
Moreover, Tapcheck supports hundreds of thousands of frontline healthcare workers, demonstrating its commitment to enhancing employee financial wellness.
Statements from Leadership
Ron Gaver, CEO of Tapcheck, expressed enthusiasm about the funding: “We’re thrilled to have the continued support of PeakSpan Capital and the strategic backing of Victory Park Capital. 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.”
Jack Freeman, Partner at PeakSpan Capital, added, “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.”
Victory Park Capital’s Senior Partner, Jason Brown, stated, “Tapcheck is setting a new standard for how employees access and manage their earnings. By addressing real financial needs while driving retention and performance for employers, Tapcheck is delivering measurable value.”
Conclusion
This latest $225 million funding round builds on Tapcheck’s earlier Series A investment, further solidifying its position as a leader in the earned wage access space. As the company continues to innovate and expand its offerings, it remains committed to empowering employees and enhancing their financial well-being.
For more information about Tapcheck, visit their official website at Tapcheck.com.
