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.