OnPay closes first external capital investment

Payroll startup OnPay has bagged $6m in its Series A round, which marks its first batch of external financing.

The company initially sought to raise $5m in the round. With the new capital injection, the FinTech hopes to expand its marketing efforts, grow its team and enhance the customer experience.

The Atlanta-based company currently supports more than 10,000 clients with their payroll, HR and benefits workflows.

OnPay provides a standardised way for companies to pay their employees and contractors, automate taxes and filings, and sync accounting and time-tracking software.

OnPay president and COO Mark McKee said, “Former and active leaders of large and growing businesses invested in this round.

“Support from well-known fintech investors who understand our industry demonstrates OnPay’s successful track record as well as our substantial opportunity to help businesses tackle some of their most pressing challenges.”

In conjunction with the deal, former Worldpay CEO Tony Catalfano will join the OnPay board of directors.

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