On-demand pay provider Tapcheck announced today it has raised $225 million in combined equity and debt financing. This latest funding round includes a $25 million Series A extension round led by existing investor PeakSpan Capital and a $200 million credit facility provided by Victory Park Capital.
Launched in 2019 by entrepreneurial husband-and-wife team Ron and Kayling Gaver, Tapcheck emerged from the duo’s vision to address the financial difficulties caused by traditional pay cycles. And the company enables workers to access their earned wages seamlessly before payday, easing the paycheck-to-paycheck strain and in turn, improving employee morale, retention, and productivity.
Tapcheck’s on-demand pay platform also integrates with nearly 300 payroll and timekeeping systems, offering employers and employees a smooth and precise experience. Set up at no cost to employers, Tapcheck enables employees to safely and responsibly access their earned wages, helping them avoid hidden fees and have greater financial flexibility. Employers utilizing Tapcheck report over 50% improvement in employee retention, with 70% of employees noting that it reduces their financial stress.
Over the past five years, Tapcheck facilitated over $1 billion in early wage funding and served 12,000 employer locations. And the company is committed to security, compliance, and transparency, ensuring payroll control remains intact for organizations. Tapcheck’s proprietary earned wage access engine provides exceptional accuracy in wage calculations, enhancing financial transparency and boosting employee engagement.
Tapcheck partners with companies like Hilton, Planet Fitness, Taco Bell, and Jiffy Lube and has achieved remarkable milestones, including significant user adoption in the quick-service restaurant (QSR) sector, serving 112,000 McDonald’s employees and enabling over $160M in advance wage disbursement and hundreds of thousands of frontline caregivers working in skilled nursing, home health, and rehabilitation sectors.
This funding will support the continued development of Tapcheck’s newest product, designed to give millions of employees early access to their wages. And it will also enhance the accessibility of Tapcheck’s Mastercard offering and advance the expansion of its AI capabilities. Through these advancements, Tapcheck looks to cement its position as a leader in the next generation of earned wage access solutions.
KEY QUOTES:
“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.”
- Ron Gaver, co-founder and CEO of Tapcheck
“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, enabling the business to drive maximum value to the end user wage worker.”
- Jack Freeman, partner at PeakSpan Capital
“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 – and we have strong confidence in the company’s leadership, model, and mission.”
- Jason Brown, senior partner at Victory Park Capital
