Payroll software provider OnPay secures $100m funding to expand offerings

January 8, 2025

OnPay, a leading provider of payroll, HR, and benefits solutions, has announced it has raised over $100m in new funding.

The funding includes a $63m Series B round led by Carrick Capital Partners, with additional contributions from AB Private Credit Investors, the middle market private capital platform of AllianceBernstein, and existing investors. A debt facility was also secured from MC Credit Partners.

Based in Atlanta, OnPay offers payroll, HR, and benefits solutions to over 25,000 small and medium-sized businesses (SMBs) across the US. Its platform combines user-friendly functionality with advanced features traditionally available only to larger organisations.

The newly raised capital will support OnPay’s efforts to scale its operations. This includes investing in product development, expanding partnerships and integrations, enhancing customer success teams, and accelerating its go-to-market strategy.

OnPay CEO Jesse Burgess commented, “This funding represents a transformative milestone for OnPay and is a testament to the hard work and dedication of our team. We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR.”

Jim Madden, co-CEO of Carrick Capital Partners, added, “OnPay’s superior product and unique service approach position the company to meet the growing demands of SMBs.”