Papisnatch

Noun; a young female who flirts with, seduces, dates, or is otherwise intimate with an older, wealthier man, (often referred to as a sugardaddy) with the goal of procuring gifts, cash, and sometimes social status.

Verb; 1) to date older wealthy men in order to receive gifts or money, usually applied to a female.
2)to act like, or to appear as, a papisnatch