CloudPay Secures $120 Million Funding to Enhance Global Payroll Solutions

CloudPay, a leading UK-based provider of global payroll and payment solutions, has successfully raised $120 million in a recent funding round. The investment was led by New York-based asset manager Blue Owl Capital, with additional contributions from existing investors Hollyport Capital, Rho Capital Partners, and The Olayan Group.

Founded in 1996, CloudPay has positioned itself as a key player in the payroll industry, offering a unified platform that integrates various employee pay processes, including on-demand pay, payment services, and payroll management.

The newly acquired funds are set to bolster CloudPay's technology and customer offerings, with a particular focus on enhancing its artificial intelligence capabilities for improved process automation and data management. The company also plans to upgrade its connectivity through a new set of API solutions, aimed at integrating its global payroll, payment, and human capital management (HCM) ecosystem more effectively.

CloudPay serves over 280 corporate clients in 130 countries and has a workforce of more than 1,350 employees. The funding will enable the company to invest further in its solutions, catering to the needs of global organizations and their employees.