FinTech CloudPay has raised £43 million in funding to boost its global expansion and create financial wellbeing solutions for employees, Business Cloud reports.
CloudPay is a provider of unified payroll and payment services, it was founded in Andover, Hampshire and has a base in New York. It connects all employee pay processes - including payroll, payments and on-demand pay - through a unified platform, available across more than 130 countries and used by 1,500 multinational companies.
The funding round was reportedly led by The Olayan Group, along with existing investors Pinnacle Investment Partners and Rho Capital Partners, plus others.
CloudPay said that it exceeded its pre-COVID-19 new business plan growth by 50 per cent in 2020, with increased demand for its expanded treasury services and an overall trend among its existing customers to consolidate more of their pay operations onto the platform.
The company recently announced its CloudPay NOW earned wage access offering; providing employee access in one mobile application and allowing employees to proactively manage their finances. The solution is now live across 12 countries with one of the world’s leading lifestyle brands.
“This funding will be instrumental as we build our FinTech solutions, including peer-to-peer payment capabilities,” CEO Paul Bartlett said.
“The participation of our existing investors is further endorsement of our vision, and I’m especially excited to welcome The Olayan Group - an organisation that shares our global perspective - as our newest investor.”
Joshua Ruch - CloudPay’s chairman - said, “CloudPay customers already enjoy substantial consolidation benefits with our state of the art global payroll platform. We’ll continue to redefine the sector with new treasury management and earned wage access services for employers and employees.”
Source: Business Cloud
FinTech CloudPay has raised £43 million in funding to boost its global expansion and create financial wellbeing solutions for employees, Business Cloud reports.
CloudPay is a provider of unified payroll and payment services, it was founded in Andover, Hampshire and has a base in New York. It connects all employee pay processes - including payroll, payments and on-demand pay - through a unified platform, available across more than 130 countries and used by 1,500 multinational companies.
The funding round was reportedly led by The Olayan Group, along with existing investors Pinnacle Investment Partners and Rho Capital Partners, plus others.
CloudPay said that it exceeded its pre-COVID-19 new business plan growth by 50 per cent in 2020, with increased demand for its expanded treasury services and an overall trend among its existing customers to consolidate more of their pay operations onto the platform.
The company recently announced its CloudPay NOW earned wage access offering; providing employee access in one mobile application and allowing employees to proactively manage their finances. The solution is now live across 12 countries with one of the world’s leading lifestyle brands.
“This funding will be instrumental as we build our FinTech solutions, including peer-to-peer payment capabilities,” CEO Paul Bartlett said.
“The participation of our existing investors is further endorsement of our vision, and I’m especially excited to welcome The Olayan Group - an organisation that shares our global perspective - as our newest investor.”
Joshua Ruch - CloudPay’s chairman - said, “CloudPay customers already enjoy substantial consolidation benefits with our state of the art global payroll platform. We’ll continue to redefine the sector with new treasury management and earned wage access services for employers and employees.”
Source: Business Cloud