Friday, June 21, 2024

CloudPay Raises $58 Million To Expand Global FinTech and Employee Financial Wellbeing Solutions

Leading global pay provider CloudPay today announced details of its recent funding. The company raised a new $58 million round of capital led by The Olayan Group, along with existing investors Pinnacle Investment Partners and Rho Capital Partners and others. The funds will support CloudPay’s continued growth as the leading global provider of employee pay solutions that unify global payroll systems and align with a consumer-grade experience for employees.

In 2020, CloudPay exceeded its pre-COVID new business plan growth by 50 percent. Particularly noteworthy was increased demand for CloudPay’s expanded treasury services and an overall trend among its existing customers to consolidate more of their pay operations onto CloudPay’s platform.

Most recently, CloudPay announced its CloudPay NOW earned wage access offering. Providing employee access in one mobile application, CloudPay NOW is the only truly global solution that reduces operational complexities for employers and empowers employees to manage their finances proactively. CloudPay NOW has already won a prestigious CODiE™ award and is in live operation across 12 countries with one of the world’s premium lifestyle brands.

CloudPay CEO Paul Bartlett commented, “This funding will be instrumental as we build our Fintech solutions, including peer-to-peer payment capabilities. The participation of our existing investors is further endorsement of our vision, and I’m especially excited to welcome The Olayan Group – an organization 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.”

GCA Global acted as financial advisor to CloudPay in connection with this transaction.

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