CloudPay, the leading independent provider of global payroll and payment solutions, announced today that it has secured a significant $120m in funding.
This round was led by Blue Owl Capital, alongside contributions from existing shareholders such as Rho Capital Partners, The Olayan Group, and Hollyport Capital. This new financial boost not only strengthens CloudPay’s capital base but also increases its flexibility for future expansion and development opportunities.
With an impressive track record spanning 30 years, CloudPay has established itself as a major player in the payroll and payment arena. The company serves over 280 corporate clients, managing payroll across more than 130 countries. The newly acquired funds are earmarked for several ambitious projects aimed at enhancing their customer product and technology offerings.
These include deploying artificial intelligence for better data management, automating and scaling processes, and expanding connectivity through a comprehensive suite of API solutions that link various partners within its global payroll, payment, and HCM ecosystem.
Dr. Roland Folz, CEO of CloudPay, stated, “Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey.
“Our focus on payroll and payment offerings resonates very well with our esteemed global clientele. With the support of Blue Owl Capital, we are strengthening our capital base while continuing to invest in our state-of-the-art solutions for global organisations and their employees worldwide.”
Kurt Tenenbaum, Managing Director, Co-Head Menlo Park Office at Blue Owl Capital, also shared his enthusiasm, “We have been impressed with CloudPay’s growth, experienced international leadership team, and customer commitment. We are excited about what the future holds for CloudPay and are proud to support their long-term growth strategy.”
This capital infusion marks another significant milestone in CloudPay’s long history. The company has recently expanded its workforce to over 1,350 employees globally, ensuring accurate, on-time delivery of pay to employees across more than 130 countries.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
