Tapcheck, a provider of on-demand pay solutions, has secured $225 million in combined equity and debt financing to expand its services and enhance product development. The funding includes a $25 million Series A extension round led by PeakSpan Capital and a $200 million credit facility from Victory Park Capital. Founded in 2019 by Ron and Kayling Gaver, Tapcheck allows employees to access earned wages before payday, helping to ease financial stress and improve retention. The platform integrates with nearly 300 payroll and timekeeping systems and is free to employers. According to the company, over 70 percent of users report reduced financial stress, while employers have seen retention rates improve by more than 50 percent.
Tapcheck has facilitated more than $1 billion in early wage funding across 12,000 employer locations, including major partners including Hilton, Taco Bell, and Jiffy Lube. The new capital will support the rollout of Tapcheck’s latest product and its Mastercard offering, while also enhancing its AI capabilities. The company plans to use this funding to scale operations and maintain its focus on payroll accuracy, security, and user experience. With strong adoption across the quick-service restaurant and healthcare sectors, Tapcheck continues to grow as a reliable earned wage access provider.
