Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, October 27 2022 - 19:00
CloudPay raises $50 million and reports high growth as payroll evolution continues
LONDON, Oct. 27, 2022 /PRNewswire-AsiaNet/ --

Expert in global pay solutions, CloudPay [ 
], has raised a new $50 million round of capital whilst recording strong growth 
as demand for cloud-based integrated global payroll and payments services 

The funds [ 
] raised were led by Runway Growth Capital and The Olayan Group. The new 
capital will support CloudPay's continued innovation of its end-to-end 
enterprise global pay offering, meeting the need for integrated payroll and 
payments services as well as employee solutions that fit the modern world of 

CloudPay continues to show high double-digit growth year-on-year and is 
projecting revenue growth circa. 40% for 2022, with the business now processing 
2.5 million payslips per annum worldwide. As a result, the organisation has 
increased its headcount, recently welcoming its 1000th employee.

"We believe that CloudPay is at an inflection point in their growth that makes 
it a great time to invest strategically," said Nicholas Briody, Director of 
Direct Private Equity, Americas, The Olayan Group. "They are well-positioned to 
capitalize on the needs of the modern workplace for payroll and payments 
services. CloudPay's growth has been strong year-on-year, and we have 
confidence in their vision and in the management capabilities of their 
leadership to continue to drive innovation."

"Payment processing is a critical function for every business. CloudPay has 
proven its capabilities by servicing an impressive list of global, blue-chip 
customers," said Brian Sapp, Managing Director, Runway Growth Capital. "We are 
pleased to deepen our relationship and continue our support of CloudPay's 

Earlier this year a new partnership with Visa Direct was announced, enabling 
fast, secure salary payments to any debit or credit card, and taking days off 
the traditional payroll payments process. Demand for CloudPay's Earned Wage 
Access (EWA) solution has also sky-rocketed and new partnerships have been 
launched with innovators such as HR platform, HiBob.

CloudPay CEO, Paul Bartlett, explained: "It's an exciting time for the payroll 
world. As a profession that's historically been quite set in its ways, we're 
seeing a shift as demand grows for global and scalable solutions underpinned by 
powerful technology. 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. In this environment, innovation is needed, and 
that's where CloudPay has been able to add real value to our clients with 
solutions such as the pay-on-demand app and new money movement methods.

"Our focus on challenging the norm to offer comprehensive pay solutions across 
the globe has led to this new funding and I am delighted to have the support of 
our investors to continue the expansion of CloudPay's global payroll and 
payments business. We're excited about our plans for 2023."

About CloudPay

Employee pay processes have broad business consequences, requiring modern 
solutions and trusted experts across the globe. CloudPay connects all employee 
pay processes – including payroll, payments, and on-demand pay – through a 
unified platform available across 130+ countries, and 168 currencies. 
CloudPay's experts help global companies implement best practices, navigate 
change, optimize operations, and improve employee experiences, guiding them 
with vision and care toward the comprehensive pay experience employees deserve.

Logo -

Sadie McGrath
+44 (0)1582 797958

Source: CloudPay