August 18, 2021
Technology, Software, Financial Technology and Services, Financial Technology
GCA Advises CloudPay on Its $58M Series D Growth Financing
GCA is pleased to announce our client, leading global pay provider CloudPay, today announced details of its recent funding. The company raised a new $58 million round of capital led by The Olayan Group, along with existing investors Pinnacle Investment Partners and Rho Capital Partners, and others. The funds will support CloudPay’s continued growth as the leading global provider of pay and payment solutions designed to align with a consumer-grade experience.
CloudPay is a leading, unified, cloud-based global payroll platform for enterprise customers that provides standardized payroll processing, end-to-end treasury services and an earned wages solution (CloudPay NOW). The company’s unified, global, next-generation solution enables real-time reporting and process visibility, automation and optimization, consistent service quality and reliable data not susceptible to privacy or security breaches. In 2020, CloudPay exceeded its pre-COVID new business plan growth by 50 percent. Particularly noteworthy was increased demand for CloudPay's expanded treasury services offering and an overall trend among its existing customers to consolidate even more pay operations on CloudPay's platform.
CloudPay CEO Paul Bartlett commented, “This funding will be instrumental as we build our Fintech solutions, including peer-to-peer payment capabilities. The participation of our existing investors is further endorsement of our vision, and I’m especially excited to welcome The Olayan Group – an organization that shares our global perspective - as our newest investor.”
Habib Kairouz, Managing Partner at Rho Capital Partners, said, “We’re impressed by CloudPay’s global focus on employee pay, senior leadership team and strong client relationships. CloudPay is redefining the processing of Global Payroll and substantially enhancing the customer experience with innovative value-added offerings such as Earned Wage Access and Treasury Management.”
GCA acted as sole placement agent to CloudPay in connection with this transaction.