UK’s CloudPay raises $120m in latest funding round

By Gloria Methri

CloudPay, the independent provider of global payroll and payment solutions, closed a $120 million funding round led by Blue Owl Capital. Existing shareholders Rho Capital Partners, The Olayan Group and Hollyport Capital participated in this funding. The development further strengthens CloudPay’s capital base and provides flexibility for future growth opportunities.

Over the last 30 years, CloudPay has built a large customer base, collaborating with over 280 corporate clients and taking care of their payroll and payment needs in more than 130 countries.

The funding will allow CloudPay to strengthen its customer product and technology solutions, such as deploying AI within data management, automating and scaling processes, and improving connectivity via a comprehensive set of API solutions connecting the partners of its global payroll, payment and HCM ecosystem.

“Global payroll is a growing market providing tremendous opportunities for CloudPay, and this funding gives us the flexibility to accelerate our journey,” said Dr Roland Folz, CEO of CloudPay. “Our focus on payroll and payment offerings resonates very well with our esteemed global clientele. With the support of Blue Owl Capital, we are strengthening our capital base while continuing to invest in our state-of-the-art solutions for global organisations and their employees worldwide.”

Kurt Tenenbaum, Managing Director and co-head of the Menlo Park Office from Blue Owl Capital, added, “We have been impressed with CloudPay’s growth, experienced international leadership team, and customer commitment. We are excited about what the future holds for CloudPay and are proud to support their long-term growth strategy.”

CloudPay has now expanded its workforce to over 1,350 employees globally to deliver accurate, on-time pay to employees across more than 130 countries. In addition, the company says it has consistently achieved an annual growth rate well more than the market average.