Payroll technology developer CloudPay collects $25m in funding

CloudPay, a global payroll technology developer, has collected $25m in funding from Rho Ventures, Pinnacle Investment Partners, and Hercules Capital.

The company provides global payroll services to multi-national companies through a single SaaS-based solution. Its end-to-end managed services ensures global compliance and reduces manual processes.

Clients can integrate payroll information with HCM and ERP data, standardise and automate payroll workflows, simplify management across countries and align payroll with the enterprises objectives and goals.

The capital from the round will be used to support the global expansion of its services, as well as growing the market for its platform and services to more multi-national companies. CloudPay is hoping to expand its global operations by opening service centres in four additional countries in 2018.

CloudPay CEO Paul Bartlett said, “The size of a company should not determine the level of compliance and sophistication it can demand from its payroll providers. All organizations need a robust global payroll platform that delivers timely, accurate and compliant payroll.

“We’re now scaling our SaaS technology to support smaller and emerging companies, as well as larger enterprises.”

The company partnered with Indian enterprise software developer Ramco Systems to expand its cloud-based payroll systems to more multi-national organisations, late last year.

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