CloudPay secures $120m funding round led by Blue Owl Capital
CloudPay, a UK-based global payroll and payment solutions provider, has secured a $120 million funding round led by New York-based asset manager Blue Owl Capital.
Cloudpay bags $120 million in fresh funding
The round also saw additional participation from previous investors Hollyport Capital, Rho Capital Partner, and The Olayan Group.
Founded in 1996, CloudPay claims to connect “all employee pay processes” through a unified platform, including on-demand pay, payments services, and payroll.
The company claims to serve more than 280 corporate clients across 130 countries, with a global headcount of over 1,350 employees.
CloudPay says the cash injection will enable it to enhance its customer offerings and tech solutions, with the company looking to further utilise AI to boost process automation and data management. It also plans to upgrade connectivity through a set of API solutions that link partners within its “global payroll, payment, and HCM ecosystem”.
The paytech’s latest funding adds to the $50 million it secured in 2022 in a round led by Runway Growth Capital and The Olayan Group.
Speaking on the latest capital infusion, Roland Folz, who was named CEO of CloudPay last August, states that global payroll is “a growing market providing tremendous opportunities”, with the company looking to further invest in its “solutions for global organisations and their employees worldwide”.
