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Global payroll solutions firm CloudPay has raised a new £43 million round of capital whilst recording strong growth.

The firm showed high double-digit growth year-on-year and is projecting revenue growth around 40% for 2022, with the business now processing 2.5 million payslips per annum worldwide. 

As a result, the organisation headquartered in Andover, Hampshire has increased its headcount, recently welcoming its 1000th employee.

The funds raised were led by Runway Growth Capital and The Olayan Group. 

“We believe that CloudPay is at an inflection point in their growth that makes it a great time to invest strategically,” said Nicholas Briody, director of direct private equity, Americas at The Olayan Group. 

“They are well-positioned to capitalise on the needs of the modern workplace for payroll and payments services. CloudPay’s growth has been strong year-on-year, and we have confidence in their vision and in the management capabilities of their leadership to continue to drive innovation.”

Earlier this year CloudPay sealed a partnership with Visa Direct, enabling fast, secure salary payments to any debit or credit card, and taking days off the traditional payroll payments process.  

Demand for CloudPay’s Earned Wage Access solution has also skyrocketed and new partnerships have been launched with innovators such as HR platform HiBob.

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CloudPay CEO Paul Bartlett, explained: “It’s an exciting time for the payroll world. As a profession that’s historically been quite set in its ways, we’re seeing a shift as demand grows for global and scalable solutions underpinned by powerful technology. 

“Payroll has traditionally ended at the payslip, but over 90% of our new business now includes payment services in addition to payroll processing.  Companies are also seeing the advantage of being able to offer employees flexibility around when and how they get paid – particularly during the cost-of-living crisis. 

“In this environment, innovation is needed, and that’s where CloudPay has been able to add real value to our clients with solutions such as the pay-on-demand app and new money movement methods.

“Our focus on challenging the norm to offer comprehensive pay solutions across the globe has led to this new funding and I am delighted to have the support of our investors to continue the expansion of CloudPay’s global payroll and payments business. We’re excited about our plans for 2023.”

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