CloudPay, global payment solution provider, has raised $50m in funding and reports strong demand for cloud-based integrated global payroll and payment services.
The round was led by Runway Growth Capital and The Olayan Group.
According to CloudPay, employee pay processes have broad business consequences, requiring modern solutions and trusted experts across the globe.
CloudPay connects all employee pay processes, including payroll, payments, and on-demand pay,through a unified platform.
The company platform is available across over 130 countries, and 168 currencies. CloudPay’s mission is to help global companies implement best practices, navigate change, optimise operations, and improve employee experiences, guiding them with vision and care toward the comprehensive pay experience employees deserve.
CloudPay said the new capital will support its 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.
Paul Bartlett, CloudPay CEO, said, ?It’s an exciting time for the payroll world. As a profession that’s historically been quite set in its ways, we’re seeing a shift as demand grows for global and scalable solutions underpinned by powerful technology. Payroll has traditionally ended at the payslip, but over 90% of our new business now includes payment services in addition to payroll processing.
?Companies are also seeing the advantage of being able to offer employees flexibility around when and how they get paid particularly during the cost-of-living crisis. In this environment, innovation is needed, and that’s where CloudPay has been able to add real value to our clients with solutions such as the pay-on-demand app and new money movement methods.p>
Earlier this year, CloudPay partnered with Visa to reduce payroll payment cycles. The new digital payment method makes salary payments direct to employees debit or credit cards using Visa Direct.
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