ANDOVER, England, Aug. 9, 2024 /PRNewswire/ -- CloudPay, the leading independent provider of global payroll and payment solutions, today announces the closing of a $120 million funding round led by Blue Owl Capital with the participation of existing shareholders Rho Capital Partners, The Olayan Group and Hollyport Capital. The funding further strengthens CloudPay's capital base and provides flexibility for future growth opportunities.
With a 30-year history of success, CloudPay has built a world class customer base, collaborating with over 280 corporate clients, taking care of their payroll and payment needs in more than 130 countries. The funding will allow strengthening of the customer product and technology solutions such as deploying AI within data management, automating and scaling of 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, Co-Head 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."
This funding round marks another significant milestone within the long history of the company. 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, CloudPay has consistently achieved an annual growth rate well in excess of the market average. Recently, CloudPay was recognised as a Major Contender (Global) and Star Performer (EMEA) in the Everest Group Multi-Country Payroll (MCP) Solutions PEAK Matrix Assessment 2023, and a Top 3 Leader in the Quadrant Knowledge Solutions 2023 SPARK Matrix. In addition, recognition extended into financial technology, with awards of GOLD in Emerging FinTech and Payment Solution Disruptors and SILVER in FinTech, Financial Services, Payments and Banking Disruptors at the 2024 GLOBEE® Disruptor Awards.
About CloudPay
CloudPay is an organisation united by a single purpose – to modernise the payroll experience, raising the importance of payroll beyond an operational function to become a true business advantage. With a proud heritage of over 25 years, we are trusted to manage the payroll processes of 250 global organizations, processing over 3 million payslips a year in over 130 countries, handling over $24 billion of payments in 168 currencies. Our integrated portfolio of payroll, payments and pay on-demand solutions are delivered through a single cloud-based platform that can be deployed anywhere in the world. By unifying payroll, payments and HCM functions and leveraging the latest technology, we can transform pay processes, making them fast and friction-free. To learn more, visit: www.cloudpay.com.
source: CloudPay
