Tapcheck Raises $225 Million to Transform Payday Solutions

Tapcheck, a leading on-demand pay provider, announced it has raised $225 million in combined equity and debt financing. This latest funding 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.

Employers using Tapcheck report over 50% improvement in employee retention, with 70% of employees noting that it reduces their financial stress.

“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 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. 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 seamlessly integrates with nearly 300 payroll and timekeeping systems, offering a smooth and precise experience for employers and employees alike. Provided at no cost to employers, Tapcheck allows employees to safely and responsibly access their earned wages, helping them avoid hidden fees and have greater financial flexibility. Employers using Tapcheck report over 50% improvement in employee retention, with 70% of employees noting that it reduces their financial stress. In the past five years, Tapcheck has facilitated over $1 billion in early wage funding and served 12,000 employer locations. 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. With an ‘Excellent’ Trustpilot rating, Tapcheck is renowned as one of the most trusted earned wage access providers globally, supported by increasing usage rates and positive feedback from both employers and employees. 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—as well as hundreds of thousands of frontline caregivers working in skilled nursing, home health, and rehabilitation sectors. ​​“We are fired up to embark on this next chapter alongside Tapcheck,” said Jack Freeman, partner at PeakSpan Capital. “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.” The capital injection will support the continued development of Tapcheck’s newest product, designed to give millions of employees early access to their wages. It will also enhance the accessibility of Tapcheck’s Mastercard offering and accelerate the expansion of its AI capabilities. Through these advancements, Tapcheck aims to solidify its position as a leader in the next generation of earned wage access solutions. “Tapcheck is setting a new standard for how employees access and manage their earnings,” said Jason Brown, senior partner at Victory Park Capital. “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.” HR Technology Insights: UKG Ready Suite Now Available for Canadian Organizations To participate in our interviews, please write to our HRTech Media Room at sudipto@intentamplify.com Source: Businesswire