Tapcheck, a Texas-based on-demand pay provider, has secured US$225 million in combined equity and debt financing.

The funding includes a US$25 million Series A extension led by existing investor PeakSpan Capital, along with a US$200 million credit facility from 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,”

said Ron Gaver, co-founder and CEO of Tapcheck.

Founded in 2019 by Ron and Kayling Gaver, Tapcheck provides employees with access to earned wages before payday.

The company’s platform integrates with nearly 300 payroll and timekeeping systems, aiming to give employees more financial flexibility while maintaining payroll accuracy for employers.

Tapcheck is offered at no cost to employers.

Tapcheck’s clients include Hilton, Planet Fitness, Taco Bell, and Jiffy Lube.

The company has also processed over US$160 million in advance wage payments for 112,000 McDonald’s employees and supports frontline staff in sectors such as skilled nursing, home health, and rehabilitation.

“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 funds will be used to develop Tapcheck’s latest product, expand its Mastercard offering, and advance the company’s AI capabilities.

Featured image credit: edited from freepik