Payroll management company CloudPay raises $58m

CloudPay, which connects payroll systems, has netted $58m in a new funding round to help bolster its position in the market.

The Olayan group acted as the lead investor, with commitments also coming from Pinnacle Investment Partners and Rho Capital Partners as well as other unnamed backers.

Funds will be used to support the growth of its ser

CloudPay manged to exceed its pre-Covid business plan in 2020 by 50%. It noted a particular drive-in demand for expanded treasury services.

Businesses can utilise CloudPay to unify their payroll technology and processes to streamline workflows. The technology enables the automation of tasks, real-time analytics and flexible pay to staff.

The company recently released its CloudPay NOW service, which enables employees to get early access to the wages they have earned. This service is currently available in 12 countries.

CloudPay CEO Paul Bartlett said, “This funding will be instrumental as we build our Fintech solutions, including peer-to-peer payment capabilities. The participation of our existing investors is further endorsement of our vision, and I’m especially excited to welcome The Olayan Group – an organization that shares our global perspective – as our newest investor.”

The FinTech company previously raised $35m in funding back in August 2020. The capital was supplied by Runway Growth Capital, Rho Ventures and Pinnacle Investment Partners.

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