CloudPay Secures $120 Million Funding to Bolster its Global Customer Base
Andover, UK, 8 August 2024 – CloudPay, the leading independent provider of global payroll and payment solutions, today announces the successful completion of a $120 million funding round led by Blue Owl Capital, with participation from existing shareholders Rho Capital Partners, The Olayan Group, and Hollyport Capital. This investment fortifies CloudPay’s capital base and provides flexibility for future growth initiatives.
With a distinguished 30-year history, CloudPay has established a world-class customer base, collaborating with over 280 corporate clients to manage their payroll and payment requirements across more than 130 countries. The new funding will enable enhancements to customer products and technological solutions, such as the implementation of AI in data management, the automation and scaling of processes, and improved connectivity through a comprehensive set of API solutions that link partners in its global payroll, payment, and HCM ecosystem.
“Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey,” said Dr Roland Folz, CEO of CloudPay. “Our focus on payroll and payment offerings resonates very well with our esteemed global clientele. With the support of Blue Owl Capital, we are strengthening our capital base while continuing to invest in our state-of-the-art solutions for global organisations and their employees worldwide.”
Kurt Tenenbaum, Managing Director and Co-Head of the Menlo Park Office at Blue Owl Capital, added, “We have been impressed with CloudPay’s growth, experienced international leadership team, and customer commitment. We are excited about what the future holds for CloudPay and are proud to support their long-term growth strategy.”
This funding round marks another significant milestone in the company’s long history. CloudPay has expanded its workforce to over 1,350 employees globally to ensure accurate, on-time pay to employees in more than 130 countries. Additionally, CloudPay has consistently achieved an annual growth rate well above the market average. Recently, CloudPay was recognised as a Major Contender (Global) and Star Performer (EMEA) in the Everest Group Multi-Country Payroll (MCP) Solutions PEAK Matrix Assessment 2023, and a Top 3 Leader in the Quadrant Knowledge Solutions 2023 SPARK Matrix. Furthermore, CloudPay received accolades in financial technology, winning GOLD in Emerging FinTech and Payment Solution Disruptors, and SILVER in FinTech, Financial Services, Payments and Banking Disruptors at the 2024 GLOBEE® Disruptor Awards.
To find out more about CloudPay, please visit: https://cloudpay.com/