DailyPay, a leading U.S. worktech company, is set to launch its earned wage access (EWA) services in the United Kingdom this fall, marking its first international expansion.
DailyPay, a prominent provider of earned wage access (EWA) solutions based in the United States, has announced its plans to expand into the UK market this autumn. This move represents the company’s first venture outside the U.S., aiming to provide financial wellness tools to workers in the UK.
At launch, DailyPay’s EWA program will be available to its existing clients with operations in the UK. Josh Durodola, Vice President of International at DailyPay, emphasized the significance of this expansion, stating, “Expanding internationally aligns with our goal to bring earned wage access to everyone, everywhere. Many of our clients and partners are multinational, and they have increasingly expressed the need to offer this valuable benefit to their employees beyond the U.S.”
Research from the UK’s Money and Pensions Service (MaPS) indicates that over 16 million workers in the UK missed payments on essential household bills in 2023. DailyPay aims to address this issue. A survey of U.S. users revealed that approximately 69% of participants who previously incurred late fees have either reduced them or eliminated them entirely since using DailyPay’s services.
The Great British Financial Literacy Test further highlights the need for such services, showing that 88% of UK workers lack confidence in managing their finances, with 32% reporting that financial stress has negatively impacted their mental health. By allowing users to access their earned wages between paydays, DailyPay offers vital financial flexibility, especially given that many UK workers receive monthly paychecks.
DailyPay partners with a range of employers, from Fortune 500 companies to small businesses. Employers who implement DailyPay have reported positive effects on employee hiring and retention. By enabling workers to access their earned wages, DailyPay empowers them to pay bills on time and avoid costly fees associated with overdraft, high-interest credit products, or payday loans.
This expansion underscores DailyPay’s commitment to enhancing financial well-being and accessibility for workers globally, positioning the company as a leader in the evolving worktech landscape. For more information, visit www.dailypay.com/press.