CloudPay secures £43.2m in new funding from Runway Growth Capital and The Olayan Group to advance its pay solutions.
The investment was led by Runway Growth Capital and The Olayan Group to fuel product innovation.
CloudPay provides an integrated global payroll, payment, and pay-on-demand platform operating across more than 130 countries.
CloudPay has secured £43.2m in new funding from Runway Growth Capital and The Olayan Group. The capital will be used to support ongoing product innovation and develop its end-to-end global pay offerings.
The business has experienced robust year-on-year growth, anticipating roughly 40% revenue growth for 2022 while processing 2.5m payslips globally each year. Recent strategic milestones include a partnership with Visa Direct to streamline salary transfers and rising demand for its Earned Wage Access product.
From the founder
"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."
Paul Bartlett
CEO at CloudPay
Investor perspective
"We believe that CloudPay is at an inflection point in their growth that makes it a great time to invest strategically,"
Nicholas Briody
Director of Direct Private Equity, Americas, The Olayan Group
Use of funds
- 01Continue product development