Payroll firm CloudPay raises $35m in Series D funding
CloudPay has announced a $35 million Series D round led by Runway Growth Capital.
Existing investors Rho Ventures and Pinnacle Investment Partners also joined in the raise. The injection brings the company’s total funding raised to $117 million.
CloudPay claims to have achieved over 30% growth in 2019 and expects a similar growth rate in 2020.
The firm helps organisations enable multinational payroll compliance, data security and accuracy. It says it can eliminate error-prone manual processes and “ensure timely payments”.
CloudPay claims to have customers in more than 130 countries.
Joshua Ruch, CloudPay chairman, says the injection helps his firm expand its global payroll infrastructure and introduce new products.
Paul Bartlett, CloudPay’s CEO, says the firm is excited by its momentum.
He adds that the capital validates their growth and enables the firm to “expand the global payroll processing category through new products, services, and selected acquisitions”,