CloudPay raises $50 million and reports high growth as payroll evolution continues
PR98497
LONDON, Oct. 27, 2022 /PRNewswire=KYODO JBN/ --
Expert in global pay solutions, CloudPay [
], has raised a new $50 million round of capital whilst recording strong growth
as demand for cloud-based integrated global payroll and payments services
continues.
The funds [
] raised were 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 as well as employee solutions that fit the modern world of
work.
CloudPay continues to show high double-digit growth year-on-year and is
projecting revenue growth circa. 40% for 2022, with the business now processing
2.5 million payslips per annum worldwide. As a result, the organisation has
increased its headcount, recently welcoming its 1000th employee.
"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."
"Payment processing is a critical function for every business. CloudPay has
proven its capabilities by servicing an impressive list of global, blue-chip
customers," said Brian Sapp, Managing Director, Runway Growth Capital. "We are
pleased to deepen our relationship and continue our support of CloudPay's
growth."
Earlier this year a new partnership with Visa Direct was announced, enabling
fast, secure salary payments to any debit or credit card, and taking days off
the traditional payroll payments process. Demand for CloudPay's Earned Wage
Access (EWA) solution has also sky-rocketed and new partnerships have been
launched with innovators such as HR platform, HiBob.
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.
"Our focus on challenging the norm to offer comprehensive pay solutions across
the globe has led to this new funding and I am delighted to have the support of
our investors to continue the expansion of CloudPay's global payroll and
payments business. We're excited about our plans for 2023."
About CloudPay
Employee pay processes have broad business consequences, requiring modern
solutions and trusted experts across the globe. CloudPay connects all employee
pay processes – including payroll, payments, and on-demand pay – through a
unified platform available 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.
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Contact:
Sadie McGrath
sadie@bluesky-pr.com
+44 (0)1582 797958
Source: CloudPay
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