back Back

CloudPay bags $50m to meet global payroll demand

By Gloria Methri

October 31, 2022

  • Cloudpay
  • FinTechs
  • London
Share

CloudpayUK-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.

Previous Article

October 31, 2022

Capital Bank of Jordan launches new mobile banking app powered by Codebase Technologies’ Digibanc Platform

Read More
Next Article

October 31, 2022

UnicornSP and iCapital partner to provide LatAm wealth managers with alternative investment opportunities

Read More






IBSi Daily News Analysis

Complaints Fraud

May 22, 2024

Cloudpay

UK SMEs lack fraud protection, facing significant financial risks, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 22, 2024

Sabre Hospitality and Uplift partner to offer flexible hotel payments

Read More

May 22, 2024

American Express & Emburse bring integrated expense management solutions to SMEs

Read More

May 22, 2024

SurePay teams up with FIS to deliver Verification & CoP solutions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023