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DailyPay's new interim CEO

May 28, 2024
Illustration of a set of office chairs gradually moving up

Illustration: Sarah Grillo/Axios

Earned-wage access unicorn DailyPay on Tuesday named COO Stacy Greiner interim CEO, with Kevin Coop stepping down to pursue "other endeavors," the company said.

The big picture: This all comes as competition in the space is growing — and amid continued uncertainty over what regulation over the providers will look like.

  • DailyPay, which offers its product through employers, has maintained that it should not be labeled as a lender.
  • Neobank Chime, which recently launched a direct-to-consumer EWA product, decided to offer the feature as credit to get ahead of the regulatory uncertainty.
  • Players in the space are largely waiting for final guidance from the Consumer Financial Protection Bureau, which in a November letter to the California Department of Financial Protection and Innovation noted that such offerings "share fundamental similarities with payday lending products."

Zoom in: Greiner will step into the role this Friday.

  • Under Coop — who joined two years ago — the company had set a goal of going public in 2025.
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