Tapcheck Raises $225 Million in Equity and Debt Funding to Redefine Payday for America’s Workforce

PLANO, Texas--(BUSINESS WIRE)--Tapcheck, a leading on-demand pay provider, today 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.

“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.”

ABOUT TAPCHECK

Tapcheck is the leading on-demand pay provider, empowering employees to take control of payday. The easy-to-use platform integrates seamlessly with 250 employer payroll and timekeeping systems, which ensures accurate balances and a hassle-free experience for businesses and their employees. Offered at no cost to an employer, employees use Tapcheck to access wages that they’ve earned, safely and responsibly – without the worry of hidden fees, over advances, or payroll errors. Tapcheck’s proprietary earned wage access engine offers the most accurate, reliable, and headache-free on-demand pay solution for workers and their employers. Companies never lose control of payroll and employee paychecks always reflect their advances.

ABOUT PEAKSPAN CAPITAL

PeakSpan Capital is a growth equity firm based in New York City and San Mateo. Having partnered with over 50 high-growth software businesses and with $1.7B+ in AUM, PeakSpan's mission is to be the partner of choice for growth-stage entrepreneurial teams who are building amazing software targeted at business buyers of all sizes. PeakSpan combines deep domain expertise within a select number of themes with a proprietary technology platform providing visibility into company and market performance to help disruptive entrepreneurs drive resilient, risk-adjusted value creation.

ABOUT VICTORY PARK CAPITAL

Victory Park Capital Advisors, LLC (“VPC” or the “Firm”) is a global alternative asset manager that specializes in private asset-backed credit. In addition, the Firm offers comprehensive structured financing and capital markets solutions through its affiliate platform, Triumph Capital Markets. The Firm was founded in 2007 and is headquartered in Chicago. In 2024, VPC became a majority-owned affiliate of Janus Henderson Group. The Firm leverages the broader resources of Janus Henderson’s 2,000+ employees across offices in 25 cities worldwide. VPC is a Registered Investment Advisor with the SEC. For more information, please visit www.victoryparkcapital.com.