CloudPay, a London, UK-based global pay solution, raised a $50 million round of capital whilst recording strong growth as demand for cloud-based integrated global payroll and payments services continues.
The round was led by Runway Growth Capital and The Olayan Group.
The new capital will support CloudPay’s continued innovation of its end-to-end enterprise global pay offering, meeting the need for integrated payroll and payments services and employee solutions that fit the modern world of work.
CloudPay CEO, Paul Bartlett, explained: “It’s an exciting time for the payroll world. As a profession that’s historically been quite set in its ways, we’re seeing a shift as demand grows for global and scalable solutions underpinned by powerful technology. Payroll has traditionally ended at the payslip, but over 90% of our new business now includes payment services in addition to payroll processing. Companies are also seeing the advantage of being able to offer employees flexibility around when and how they get paid – particularly during the cost-of-living crisis. In this environment, innovation is needed, and that’s where CloudPay has been able to add real value to our clients with solutions such as the pay-on-demand app and new money movement methods.
CloudPay continues to show high double-digit growth year-on-year and is projecting revenue growth circa. 40% for 2022, the business is now processing 2.5 million payslips per annum worldwide. As a result, the organization has increased its headcount, recently welcoming its 1000th employee.
Company: CloudPay Inc.
Funding Month: October 2022
Lead Investors: Runway Growth Capital and The Olayan Group
Company Website: https://www.cloudpay.com/
Software Category: Global Pay Solutions
About the Company: CloudPay is a global payroll provider that guides global companies with vision and cares toward the comprehensive pay experience their employees deserve. CloudPay connects all employee pay processes – including payroll, payments, and on-demand pay – through a unified solution. CloudPay connects all employee pay processes through a unified platform across 130+ countries and 168 currencies. CloudPay’s experts help global companies implement best practices, navigate change, optimize operations, and improve employee experiences, guiding them with vision and care toward the comprehensive pay experience employees deserve.