CloudPay raises $120m from Blue Owl Capital to expand payroll technology
The funding round was led by Blue Owl Capital to support artificial intelligence integration and product development.
≈ £94.3M at $1 = £0.7854 on 9 Aug 2024
CloudPay provides an integrated global payroll, payment, and pay-on-demand platform operating across more than 130 countries.
CloudPay has secured $120m in a funding round led by Blue Owl Capital, with participation from existing backers including Rho Capital Partners, The Olayan Group, and Hollyport Capital. The capital will strengthen the balance sheet and support the development of enhanced technology products.
The company intends to apply artificial intelligence to data management, automate key processes, and extend its API connectivity across its global payroll and human capital management ecosystem.
Chief executive Dr Roland Folz noted that the transaction provides financial flexibility to accelerate the firm's strategic roadmap in a growing market.
From the founder
"Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey. 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."
Roland Folz
CEO at CloudPay
Investor perspective
"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."
Kurt Tenenbaum
Managing Director and co-head Menlo Park Office, Blue Owl
Use of funds
- 01Continue product development
- 02Fund research and development
- 03Expand into international markets