- CloudPay Raises $50M and Posts Huge Growth as Payroll Evolution Continues
LONDON, Oct. 27, 2022 /PRNewswire/ -- Global payment solutions expert CloudPay has raised a new $50 million round of capital while posting strong growth as demand for global services continues payroll and integrated cloud-based payments.
Funds raised were led by Runway Growth Capital and The Olayan Group. The new capital will support CloudPay's continued innovation in its global payment offering for businesses, meeting the need for integrated payroll and payment services, as well as employee solutions that fit into the modern world of work.
CloudPay continues to show high double-digit growth year over year and projects revenue growth of around 40% by 2022, with the company currently processing 2.5 million payrolls a year worldwide. As a result, the organization has increased its headcount, recently welcoming its 1,000th employee.
"We believe CloudPay is at a tipping point in its growth that makes it a great time to invest strategically," said Nicholas Briody, Head of Direct Private Equity, Americas, The Olayan Group. "They are well positioned to capitalize on the needs of the modern workplace for payroll and payment services. CloudPay's growth has been strong year over year, and we are confident in their vision and leadership ability to continue driving innovation."
"Payment processing is a critical function for every business. CloudPay has proven itself by serving an impressive list of blue-chip global clients," said Brian Sapp, CEO of Runway Growth Capital. "We are delighted to deepen our relationship and continue to support the growth of CloudPay."
A new partnership with Visa Direct was announced earlier this year, which enables fast and secure payment of payroll to any debit or credit card, eliminating days from the traditional payroll process. Demand for CloudPay's Earned Wage Access (EWA) solution has also skyrocketed and new partnerships with innovators such as HR platform HiBob have been launched.
CloudPay CEO Paul Bartlett said: "The world of payroll is experiencing an exciting time. As a profession that has historically been quite set in its ways, we are seeing change as the demand for global and scalable solutions grows. backed by powerful technology Payroll has traditionally ended at the receipt of pay, but over 90% of our new business now includes payment services in addition to payroll processing Companies also see the benefit of being able to offer employees flexibility in when and how they are paid, especially during the cost of living crisis In this environment, innovation is necessary, and that is where CloudPay has been able to add real value to our customers with solutions such as the application of à la carte payment and new methods of moving money.
"Our focus on challenging the norm to deliver comprehensive payment solutions around the world has led us to this new funding and I am delighted to have the support of our investors as we continue to expand CloudPay's global payroll and payments business. We are pleased excited about our plans for 2023."
About CloudPay
Employee payment processes have broad business implications, requiring modern solutions and trusted experts around the world. CloudPay connects all employee payment processes - including payroll, payments and on-demand payments - through a unified platform available in more than 130 countries and 168 currencies. CloudPay experts help global businesses implement best practices, navigate change, streamline operations, and improve employee experiences, guiding them with vision and care toward the comprehensive payment experience employees deserve.
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