CloudPay provides global payroll, salary payments and pay-on-demand services with real-time reports and customizable dashboards for payroll and finance teams. The company processes more than 3 million payslips a year across 130+ countries and handles payroll for about 280 firms, including Visa, Wayfair, Wells Fargo, Expedia and the London Stock Exchange. CloudPay reports contracted revenue of $125 million and says it has more than doubled revenue over the last three years. The company employs about 1,350 people and has offices in Raleigh, Budapest, Shanghai, Costa Rica, Barcelona and elsewhere. Leadership says CloudPay plans to use new funding to add integrated partners and invest in automation and AI, and expects to make AI announcements later this year. CloudPay provides cloud-based, end-to-end global payroll and payments services for enterprise customers, connecting payroll, payments, and on‑demand pay across a single platform. The company offers employee solutions including Earned Wage Access and a pay-on-demand app, and has launched partnerships with Visa Direct and HR platform HiBob. CloudPay's platform operates across 130+ countries and 168 currencies and services an impressive roster of global, blue-chip customers. The business is reporting high, double-digit year-over-year growth, processing 2.5 million payslips annually and recently surpassing 1,000 employees. Management projects approximately 40% revenue growth for 2022 and says the new capital will support continued innovation and expansion of its global payroll and payments offering. CloudPay plans to continue expanding its integrated payroll and payments services to meet growing demand in the modern workplace. CloudPay provides a unified global payroll platform that connects payroll, payments, and on-demand pay for multinational employers. The company offers treasury services and an earned wage access product, CloudPay NOW, which is live in 12 countries and has won a CODiE award. CloudPay says over 1,500 multinational companies use its platform across more than 130 countries. In 2020 the company exceeded its pre-COVID new business plan growth by 50 percent, and it has seen increased demand for expanded treasury services and consolidation of pay operations onto its platform. Management plans to use funding to build fintech capabilities, including peer-to-peer payments, and to expand its employee financial wellbeing solutions. CloudPay provides managed global payroll services to multinational organizations through a single, unified cloud solution. Its platform processes payroll in line with complex local and country-specific requirements, eliminating error-prone manual processes and ensuring timely payments. The solution guarantees accurate payroll processing across 130+ countries and in more than twenty-five languages. The company is led by Paul Bartlett (CEO) and Joshua Ruch (Chairman) and operates out of NYC and London. CloudPay intends to use new growth capital to scale the business and bring new products to market. CloudPay provides managed global payroll services to multinational organizations via a unified SaaS solution available in more than twenty-five languages across 120+ countries. The platform is used by over 2,400 multinational entities. Led by CEO Paul Bartlett, the company combines managed services and a technology platform to handle payroll for large and smaller multinationals. The firm is headquartered in New York City. CloudPay plans to use its recent funding to grow its global operations team and to expand the market for its technology platform and services to more multinational companies and smaller multinationals. The article reports a $25M funding round with participation from Rho Ventures, Pinnacle Investment Partners and Hercules Capital.

Total raised

$304M

Funding rounds

6

Latest round

Equity

Latest activity

Aug 2024