New York payday-advance firm DailyPay said it will open an office this summer in Minneapolis, with plans to eventually hire 100 employees.
DailyPay has 100 workers in New York and expects to double the number of employees by the end of the year, the company said. The Minneapolis office would be its second.
The firm said it partners with 110 companies whose employees can opt to pay a flat fee per transaction to use DailyPay’s app-based services, which allow workers to tap their wages before payday.
Under the arrangements, employees still receive their paychecks on the normal day but with the advances deducted.
Since DailyPay was co-founded by former Goldman Sachs manager Jason Lee in 2016, demand for its payday-advance services has grown dramatically, the company said. It is now working to meet that demand by expanding.
The company did not specify where the new office will be. It is currently searching for staff, including someone to lead the office, officials said.
The company said in its announcement that it wanted its second office to be in a city that “prioritized a culture of innovation driving positive change.” DailyPay also wanted to have a peer group of young tech companies.
“Minneapolis very quickly rose to the top of our list as a city that has all of these characteristics,” the company said. Minneapolis also is home to several of DailyPay’s “partner companies,” the company said, although it did not name those firms.
DailyPay said its partner companies include Boston Market, Vera Bradley, the Adecco Group and Burger King.
Minneapolis startup company Branch also is in expansion mode with a similar service.