Payroll services company CloudPay has raised $120 million from investors to fund future growth. The Raleigh-based company has now raised $228 million over the past four years.
The funding round was led by New York-based Blue Owl Capital with the participation of existing shareholders Rho Capital Partners, The Olayan Group and Hollyport Capital.
CloudPay, founded in 1996, has more than 280 corporate clients and provides payroll and payment services in more than 130 countries. The company processes more than 3 million pay slips a year, handling over $24 billion of payments in 168 currencies. It has more than 1,350 employees.
“Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey,” said CEO Roland Folz in a statement. “Our focus on payroll and payment offerings resonates very well with our esteemed global clientele.”
Folz became the CEO a year ago. He succeeded Paul Bartlett, who had led the business for nine years.
Folz joined the company from Berlin, Germany-based Solaris SE, where he established the company in the European market in embedded finance and banking as a service.
He also worked at companies such as Deutsche Bank, Deutsche Telecom and Mercedes Benz Bank, where he spent four years as CEO.
Originally called Patersons, CloudPay opened a Raleigh office in 2012, followed by nine global sites and partnership with SAP, Oracle and other big software companies over the next decade, according to its website. It topped 1,000 employees in 2022 and now has about 1,350.
In 2022, CloudPay raised $50 million in a fundraising led by Runway Growth Capital and The Olayan Group. In 2021, the company raised a $58 million round of capital led by Olayan, along with existing investors Pinnacle Investment Partners and Rho Capital and others.