CloudPay Raises $120M in Funding
Summary
CloudPay, a Raleigh, NC-based independent provider of global payroll and payment solutions, raised $120M in funding. The round was led by Blue Owl Capital with the participation of existing shareholders Rho Capital Partners, The Olayan Group and Hollyport Capital. Led by CEO Dr. Roland Folz, CloudPay is an organization that aims to modernize 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 organizations, processing over 3 million payslips a year in over 130 countries, handling over $24 Billion of payments in 168 currencies. The funding will allow strengthening of the customer product and technology solutions such as deploying AI within data management, automating and scaling of processes, and improving connectivity via a comprehensive set of API solutions connecting the partners of its global payroll, payment and HCM ecosystem.