London-based CloudPay, a global payroll and payment solutions provider, announced a significant boost in funding with a fresh $120 million round led by Blue Owl Capital. This investment aims to bolster CloudPay’s technological and product capabilities, integrating AI, automating processes, and enhancing connectivity through API solutions. Such developments are crucial for maintaining the company’s competitive edge in an expanding market.
In 2021, CloudPay reported a funding round of $35 million, significantly less than the recent $120 million. This considerable increase in investment highlights the company’s growth trajectory and the rising demand for integrated payroll solutions. Previously, CloudPay focused on expanding its service coverage, whereas the current funding emphasizes technological advancements.
Earlier reports also indicated CloudPay’s steady market expansion, with coverage in fewer countries compared to its current reach of over 130 countries. The integration of AI and API solutions mentioned in the recent announcement marks a shift from traditional service expansion to technological innovation, demonstrating CloudPay’s commitment to leading the industry.
Technological Advancements
CloudPay plans to utilize the new funds to enhance its product and technology solutions. By deploying AI within data management and automating processes, the company aims to improve overall efficiency. Additionally, the implementation of comprehensive API solutions will connect partners within its global payroll, payment, and HCM ecosystem, ensuring seamless operations.
“Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey,” said Dr. Roland Folz, CEO of CloudPay.
Global Reach and Workforce
CloudPay, under the leadership of Dr. Roland Folz, is dedicated to modernizing the payment experience for businesses and employees globally. The company offers an integrated portfolio of payroll, funding, payments, and pay-on-demand solutions via a single cloud-based platform.
With a workforce of over 1,350 employees, CloudPay delivers accurate and timely pay to employees in more than 130 countries. The company processes over one million payslips yearly for more than 2,000 companies and handles payment transactions across 168 currencies.
“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,” added Folz.
Blue Owl Capital, an asset management firm with over $192 billion in assets under management as of June 30, 2024, led this funding round. The firm invests across three multi-strategy platforms: credit, GP Strategic Capital, and Real Estate.
“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,” noted Kurt Tenenbaum, Managing Director at Blue Owl Capital.
The substantial investment from Blue Owl Capital underscores the growing importance of integrated payroll and payment solutions in the global market. CloudPay’s commitment to technological innovation and expanding its service capabilities positions it as a key player in the industry. The funding will likely accelerate the development of advanced solutions, enhancing the overall user experience for businesses and employees worldwide.
