DailyPay Doubles C-Suite in 90 Days Amid High Growth for On-Demand Pay Leader
NEW YORK, Dec. 3, 2019 /PRNewswire/ -- DailyPay, the leading provider of the daily pay benefit — a secure benefit offered through employers delivering financial wellness options to employees through instant access to their earned wages — today announced the appointment of Scot Parnell as Chief Financial Officer.
Parnell brings almost three decades of finance leadership experience to the rapidly growing DailyPay team. Most recently, he was the CFO of TIAA’s Retail and Institutional Division, which is the trillion-dollar asset management firm’s largest sector. Prior to that, he was the CFO of Crump Group, a JC Flowers & Co.-backed wholesale life insurance distributor. Parnell has also served as CFO of the NYSE-listed student loan originator Student Loan Corporation.
“I can’t think of a more exciting time to join DailyPay as it sets the standard for this new financial services category,” said Parnell. “DailyPay is a committed partner in helping companies use on-demand pay to increase employee engagement and retention, all of which positively impact a company’s bottom line. All financial officers should take notice and I am eager to further engage that community.”
As on-demand pay becomes mainstream for companies, DailyPay is experiencing high growth with more key hires to be announced in the coming months. Parnell’s arrival to DailyPay from a Fortune 100 financial leader marks a turning point in the industry.
“Scot is joining a world-class team and I can’t wait to see the success he brings as we continue to quickly scale our business,” said Jason Lee, CEO at DailyPay. “His background fits perfectly into what we are successfully building here at DailyPay. We are thrilled that he will help us to expand partnerships with leading companies as we take our business to a new level.”
The addition of Parnell comes on the heels of other recent high-profile hires for DailyPay, including:
Parnell is a licensed CPA and began his career as an auditor at Arthur Andersen. He received his BBA from The University of Texas at Austin’s McCombs School of Business and his MBA from Columbia Business School.
DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allows employees to receive instant access to their earned wages, works across a wide range of industries, including quick service restaurants, hospitality, retail, healthcare and other services. One in six Americans now has access to DailyPay through our trusted payroll service partners, including ADP, Paycor, Alight, SmartLinx, Netspend and other HR and payroll technology providers, who offer the daily pay product to their customers. With DailyPay, employees can pay bills on time and avoid late fees, helping them to reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.
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