Plano-based on-demand pay provider Tapcheck has raised $225 million in combined equity and debt financing, the company announced.

The 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, Tapcheck said.

“We’re thrilled to have the continued support of PeakSpan Capital and the strategic backing of Victory Park Capital,” Tapcheck co-founder and CEO Ron Gaver said in a statement. “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 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.

Tapcheck said it 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.

The company’s on-demand pay platform seamlessly integrates with nearly 300 payroll and timekeeping systems and offers a smooth and precise experience for employers and employees alike, Tapcheck said.

Tapcheck said it is provided at no cost to employers and allows employees to safely access their earned wages, helping them avoid hidden fees and have greater financial flexibility.

The company said that employers using Tapcheck report more than 50% improvement in employee retention, with 70% of employees noting that it reduces their financial stress.

In the past five years, Tapcheck has facilitated more than $1 billion in early wage funding and served 12,000 employer locations, the company said.

‘Delivering measurable value’ for Hilton, McDonald’s, and More

Tapcheck partners with companies such as Hilton, Planet Fitness, Taco Bell, and Jiffy Lube and has achieved milestones including significant user adoption in the quick-service restaurant (QSR) sector—serving 112,000 McDonald’s employees and enabling over $160 million in advance wage disbursement—as well as hundreds of thousands of frontline caregivers working in skilled nursing, home health, and rehabilitation sectors.

​​“We’re fired up to embark on this next chapter alongside Tapcheck,” Jack Freeman, partner at PeakSpan Capital, said in a statement. “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.”

Tapcheck said the infusion of capital injection will support the continued development of its newest product, designed to give millions of employees early access to their wages. Tapcheck said it also will enhance the accessibility of Tapcheck’s Mastercard offering and accelerate the expansion of its AI capabilities.

“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.”

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