CloudPay bags $50m to meet global payroll demand
By Gloria Methri
UK-based pay solutions firm CloudPay has raised a new $50 million round of capital as it looks to meet the growing demand for integrated payroll and payments services.
The funding round was led by Runway Growth Capital and The Olayan Group. CloudPay intends to use the funds to further advance its end-to-end enterprise global pay offering.
The funding round comes at a time when CloudPay is projecting 40% growth in revenue for the year, with 2.5 million payslips being processed annually. As a result, the company recently increased its headcount to 1,000 employees.
“We believe that CloudPay is at an inflection point in their growth that makes it a great time to invest strategically,” said Nicholas Briody, Director of Direct Private Equity, Americas, The Olayan Group. “They are well-positioned to capitalize on the needs of the modern workplace for payroll and payments services. CloudPay’s growth has been strong year-on-year, and we have confidence in their vision and in the management capabilities of their leadership to continue to drive innovation.”
Meanwhile, Brian Sapp, Managing Director of Runway Growth Capital said, “CloudPay has proven its capabilities by servicing an impressive list of global, blue-chip customers. We are pleased to deepen our relationship and continue our support of CloudPay’s growth.”
Earlier this year, CloudPay teamed up with Visa Direct to enable fast and secure salary payments, shrinking the payroll payment cycles from two to three days.
Led by CloudPay CEO, Paul Bartlett, CloudPay connects employee pay processes including payroll, payments, and on-demand pay, through a unified platform that is available across 130+ countries, and 168 currencies.
Bartlett said it was an exciting time for his industry. “As a profession that’s historically been quite set in its ways, we are 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. In this environment, innovation is needed, and that’s where CloudPay has been able to add real value to our clients,” he said.
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