FinTech CloudPay has raised £ 43million to boost its global expansion and create financial wellness solutions for employees.
Founded in Andover, Hampshire with a base in New York City, CloudPay is a unified payroll and payment service provider. It connects all employee payroll processes – including payroll, payments and pay-on-demand – through a unified platform, available in over 130 countries and used by 1,500 multinational companies.
The roundtable was led by The Olayan Group, with existing investors Pinnacle Investment Partners and Rho Capital Partners, as well as others.
The company said that in 2020 it exceeded the growth of its new pre-COVID-19 business plan by 50%, with increased demand for its extended treasury services and a general trend among its existing customers to further consolidate their payment transactions on the platform.
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It recently announced its CloudPay NOW Earned Salary Access offering, which provides employee access in a mobile app and allows employees to proactively manage their finances.
The solution is now available in 12 countries with one of the world’s premium lifestyle brands.
“This funding will be instrumental in building our FinTech solutions, including peer-to-peer payment capabilities,” said CEO Paul Bartlett.
“The participation of our existing investors is a further endorsement of our vision, and I am particularly delighted to welcome The Olayan Group – an organization that shares our global perspective – as a new investor. “
Joshua Ruch, President of CloudPay, said, “CloudPay customers are already enjoying substantial consolidation benefits from our industry-leading global payroll platform. We will continue to redefine the industry with new cash management and access to earned wage services for employers and employees.