NEW YORK: Tapcheck, a leading provider of on-demand pay solutions, announced Monday that it has raised $225 million in combined equity and debt financing to accelerate its growth.
The funding round includes a $25 million Series A extension led by existing investor PeakSpan Capital and a $200 million credit facility from Victory Park Capital.
“We’re thrilled to have the continued support of PeakSpan Capital and the strategic backing of Victory Park Capital,” said Ron Gaver, co-founder and CEO of Tapcheck.
“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.”
Founded in 2019 by Ron and Kayling Gaver, Tapcheck was developed to address the financial strain of traditional pay cycles. The company’s platform integrates with nearly 300 payroll and timekeeping systems, enabling employees to access their earned wages before payday. Employers utilizing Tapcheck have reported over 50% improvements in employee retention and reduced financial stress among workers.
Over the past five years, Tapcheck has facilitated over $1 billion in early wage funding and partnered with major employers such as Hilton, Planet Fitness, Taco Bell, and Jiffy Lube. The company has also seen rapid adoption among quick-service restaurant workers, including 112,000 McDonald’s employees and frontline caregivers across skilled nursing, home health, and rehabilitation sectors.
Jack Freeman, partner at PeakSpan Capital, praised Tapcheck’s expansion and innovation, noting the company has grown its user base more than 20 times in three years. Victory Park Capital senior partner Jason Brown echoed the sentiment, stating, “Tapcheck is setting a new standard for how employees access and manage their earnings.”
The latest capital injection will support the development of Tapcheck’s new financial products, expand its Mastercard offering, and advance AI capabilities as it continues to lead the evolution of earned wage access solutions.