CloudPay secures $50m to support development of payroll offering
UK-based payroll and payment services provider CloudPay has completed a fresh round of capital investment, netting $50 million.
CloudPay lands $50m investment
The round, led by Runway Growth Capital and The Olayan Group, will support the paytech’s ongoing development of its end-to-end enterprise global pay offering, which integrates payroll, payments services and employee solutions through a unified platform across more than 130 countries and 168 currencies.
CloudPay says demand for its Earned Wage Access (EWA) solution has “sky-rocketed” and earlier this year, CloudPay entered into a partnership with Visa Direct to enable salary payments to any debit or credit card, reducing the payroll payments process by several days.
The firm boasts “high double-digit growth” year-on-year and is projecting revenue growth of around 40% for 2022, processing 2.5 million payslips per annum worldwide. As a result, the company has recently hired its 1000th employee.
CloudPay CEO Paul Bartlett says it’s “an exciting time for the payroll world” adding that 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,” Bartlett adds.
In August last year, CloudPay landed $58 million in a round of funding also led by The Olayan Group.
