CloudPay hopes to continue annual growth rate with support of new investment

Global payroll provider CloudPay managed a 30% growth in 2019 and has raised $35m in its latest investment round to continue the trend.

Runway Growth Capital joined the round as a first-time CloudPay backer and was joined by existing investors Rho Ventures and Pinnacle Investment Partners.

With the capital, the company is looking to bring new products to market.

CloudPay is a global payroll service that supplies end-to-end managed payroll services via a compliant cloud solution. Organisations can use the technology to ensure multinational payroll compliance, data security and accuracy.

The company’s software is used in more than 130 countries and supports over 25 languages.

CloudPay chairman Joshua Ruch said, “CloudPay’s growth momentum confirms that the market is recognizing the value of its extensive investment in technology to build a unique unified global payroll solution.

“This growth capital will help the company further expand its global payroll infrastructure and introduce new products that help organizations transform payroll into a strategic function. The timing of this funding is particularly germane as CloudPay experiences escalating demand for its compliant-centric unified solutions.”

The company previously raised $25m in 2018 from backers including Rho Ventures, Pinnacle Investment Partners, and Hercules Capital.

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