FinTech CloudPay has raised £43 million funding to boost its global expansion and create financial wellbeing solutions for employees.
Founded in Andover, Hampshire with a base in New York, CloudPay is a provider of unified payroll and payment services. 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 led by The Olayan Group, along with existing investors Pinnacle Investment Partners and Rho Capital Partners, plus others.
The company said that in 2020 it exceeded its pre-COVID-19 new business plan growth by 50%, with increased demand for its expanded treasury services and an overall trend among its existing customers to consolidate more of their pay operations on to the platform.
It recently announced its CloudPay NOW earned wage access offering, which provides employee access in one mobile application and empowers employees to manage their finances proactively.
The solution is now live across 12 countries with one of the world’s premium lifestyle brands.
“This funding will be instrumental as we build our FinTech solutions, including peer-to-peer payment capabilities,” said CEO Paul Bartlett.
“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.”