DailyPay, a New York-based financial-technology startup, plans to open a Minneapolis office this summer and hire 100 local employees.
The company said in a release that it chose Minneapolis because of the city's proximity to existing business partners and because it "represents the value and mission-driven environment of DailyPay, and is home to a number of disruptive companies focused on creating solutions that positively impact people."
"We created DailyPay to enable employers to offer their employees access to earned wages, resulting in dramatically improved financial security for their employees," DailyPay CEO Jason Lee said in a statement. "We are excited to open our second office in Minneapolis and continue to serve the needs of our employer partners and their employees."
An exact location for the office has yet to be released, but DailyPay said that its 100 Twin Cities employees will support the company's payment-services and customer-support teams.
DailyPay was founded in 2016 and has raised around $23 million in venture capital, according to CrunchBase. This is the first time that the company has established an office outside of New York, where it has more than 100 employees.
"We're thrilled to have DailyPay join our thriving community of financial and technology startup companies in Minneapolis," Mayor Jacob Frey said in a statement. "We strive to foster an inclusive, innovation and entrepreneurial culture where companies like DailyPay can continue their momentum."
DailyPay will likely compete with local startup Branch, which entered the instant-pay space last year.
