CloudPay, a global payroll solutions specialist, has raised another $50 million funding round while experiencing strong growth, driven by continued strengthening demand cloud-based integrated global payroll and payment services.
The fundraising was led by Runway Growth Capital and The Olayan Group. The new funds will support the continued innovation of CloudPay’s end-to-end global enterprise payroll offering that addresses the need for integrated payroll and payment services, as well as employee solutions tailored to the world of work. modern.
CloudPay continues to post strong double-digit year-over-year growth and forecasts revenue growth of around 40% for 2022 as the company now processes 2.5 million payslips per year worldwide. As a result, the organization has strengthened its workforce, recently welcoming its 1,000th employee.
“We believe CloudPay is at an important juncture in its growth, which makes it an ideal time to make strategic investments,” said Nicholas Briody , director of direct private equity for The Olayan Group for the Americas. “The company is well positioned to take advantage of the needs of the modern workplace for payroll and payment services. CloudPay’s growth has been strong year-over-year, and we trust their vision and leadership capabilities to continue driving innovation.”
“Payment processing is a core function for every business. CloudPay has demonstrated its capabilities by providing services to an impressive list of blue-chip global clients,” said Brian Sapp, Managing Director of Runway Growth Capital. “We are pleased to deepen our relationship and continue to support CloudPay’s growth.”
A new partnership with Visa Direct was announced earlier this year. It enables fast and secure salary payments to any debit or credit card, and cuts the traditional salary payment process by days. Demand for CloudPay’s Earned Wage Access (EWA) solution has also skyrocketed and new partnerships have been launched with innovators such as HR platform HiBob.
Paul Bartlett , CEO of CloudPay, explains: “This is an exciting time for the payroll world. In a profession that historically has always been quite static, we are seeing an evolution with an increasing demand for global and scalable solutions based on powerful technology. Traditionally, payroll stops at the payslip, but over 90% of our new contracts now include payment services in addition to payroll processing. Businesses also see the benefit of being able to offer their employees flexibility in when and how they are paid, especially in this time of the cost of living crisis. In this environment, innovation is necessary, and this is where CloudPay has been able to bring real added value to its customers by offering solutions such as
“Our drive to defy the norm to deliver comprehensive payroll solutions across the globe has secured this new funding and I am delighted to have the support of our investors to continue expanding the global services business. payroll and payment services from CloudPay. We are excited about our plans for 2023.”
