OnPay, a provider of payroll, HR, and benefits solutions, announced today that it has secured more than $100 million in funding.
The funding consists of a $63 million Series B investment round that has reportedly been led by Carrick Capital Partners, along with contributions from AB Private Credit Investors, the middle market private capital platform of AllianceBernstein, as well as “existing investors, and a debt facility provided by MC Credit Partners.”
Jesse Burgess, Chief Executive Officer at OnPay, remarked:
“This funding represents a transformative milestone for OnPay and is a testament to the hard work and dedication of our team. We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR.”
OnPay’s mission is to provide modern, accessible payroll and HR solutions that equip small and mid-sized businesses (SMEs) across the United States to effectively manage compliance, streamline everyday operations, and support their professionals teams.
The funding will now enable OnPay to scale its overall capabilities, further invest in product development, expand key partnerships as well as integrations, augment customer success teams, and “accelerate its go-to-market strategy.”
This latest investment marks the increasing market “demand for turnkey payroll software.”
Carrick Capital Partners Co-CEO Jim Madden stated:
“OnPay’s superior product and unique service approach position the company to meet the growing demands of SMBs.”
FT Partners has reportedly served as exclusive “strategic and financial advisor to OnPay on the equity financing transaction.”
Headquartered in Atlanta, OnPay reportedly provides payroll, HR, and benefit solutions to more than “25,000 small and medium-sized businesses (SMBs) across the United States.”
As more companies look to streamline payroll and HR functions, OnPay says that it offers a comprehensive platform that combines “ease of use with powerful features traditionally reserved for larger enterprises.”
With the increase in digitalization and the emergence of rapid globalization, we can expect many more similar products and services to be rolled out this year. As the digital economy continues to evolve, individuals and business organizations will need frictionless payroll and HR services to maintain operations in a practical and sustainable manner.