CloudPay, an independent provider of global payroll and payment solutions from the UK, has secured $120 million in funding. This round was led by Blue Owl Capital, alongside investments from existing investors such as Rho Capital Partners, The Olayan Group, and Hollyport Capital.
Investment details
This new financial boost strengthens CloudPay’s capital base and increases its flexibility for future expansion and development opportunities. It will be used for several ambitious projects to enhance their customer product and technology offerings.
The company plans to deploy AI for better data management, to automate and scale processes, and to expand connectivity through a suite of API solutions that link various partners within its global payroll, payment, and HCM ecosystem.
Kurt Tenenbaum, Managing Director and co-head Menlo Park Office at Blue Owl Capital, also shared his enthusiasm, “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.”
What does the company do?
Led by CEO Dr. Roland Folz, CloudPay is an organisation that aims to modernise the payroll experience via an integrated portfolio of payroll, payments, and pay-on-demand solutions delivered through a single cloud-based platform that can be deployed anywhere in the world.
They are used to manage the payroll processes of 250 global organisations, processing over 3 million payslips a year in over 130 countries, and handling over $24 billion of payments in 168 currencies.
Dr. Roland Folz, CEO of CloudPay, stated, “Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey. 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.”
