Global payroll provider CloudPay announced on Tuesday it has raised $35 million in growth capital. The company reported that its new investor Runway Growth Capital joined existing investors Rho Ventures and Pinnacle Investment Partners to support scaling the business as it prepares to bring new products to market. This funding comes shortly after CloudPay achieved over 30% growth in 2019.
Founded in 1996, CloudPay provides managed global payroll services to multinational organizations through a single, unified SaaS solution.
“By delivering end-to-end managed payroll services through an innovative platform, CloudPay ensures consistent and compliant payroll around the globe while reducing operating costs and minimizing manual processes.”
CloudPay’s services and technology standardize the payroll function across geographies, helping organizations increase efficiency, streamline compliance, and achieve greater visibility into payroll performance and costs. While sharing more details about the growth capital, Paul Bartlett, CloudPay’s CEO, stated:
“This growth capital, by including new investors, validates our momentum and will enable us to continue to expand the global payroll processing category through new products, services, and selected acquisitions being developed with the input and guidance of our valued customers.”
Joshua Ruch, CloudPay’s Chairman, added:
“This growth capital will help the company further expand its global payroll infrastructure and introduce new products that help organizations transform payroll into a strategic function. The timing of this funding is particularly germane as CloudPay experiences escalating demand for its compliant-centric unified solutions.”