CloudPlay, an independent provider of global payroll and payment solutions, has closed a $120M funding round.
The funding round was led by Blue Owl Capital with the participation of existing shareholders Rho Capital Partners, The Olayan Group, and Hollyport Capital
Find out more from Dr Roland Folz, CEO of CloudPlay, and Kurt Tenenbaum, Managing Director, Co-Head Menlo Park Office from Blue Owl Capital.
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CloudPay, an end-to-end global pay solutions provider spanning payroll, payments, and pay on-demand, has announced the closing of a $120 million funding round led by Blue Owl Capital, along with the participation of existing shareholders Rho Capital Partners, The Olayan Group and Hollyport Capital.
By closing the funding, CloudPlay believes that its capital base will be strengthened, which will provide greater flexibility and growth opportunities for the future.
Now, CloudPlay has a global workforce of more than 1,350 employees, dedicated to delivering accurate and on-time pay to employees across the globe.
UNLEASH wanted to find out more about what this means for CloudPlay from Dr Roland Folz, CEO of CloudPlay, and Kurt Tenenbaum, Managing Director, Co-Head Menlo Park Office from Blue Owl Capital.
What does the future hold for CloudPlay?
CloudPay boasts a long 30-year history, in which time it has taken care of the payroll and payment needs of over 280 corporate clients, across more than 130 countries.
By securing the funding, CloudPlay has the ability to better utilize technological solutions, such as deploying AI within data management and automating and scaling of processes.
The business also believes that it will also help to improve connectivity via a comprehensive set of API solutions connecting the partners of its global payroll, payment and HCM ecosystem.
Global payroll is a growing market providing tremendous opportunities for CloudPay and this funding gives us the flexibility to accelerate our journey,” Dr Folz explained.
“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 organizations and their employees worldwide.”
In response, Tenenbaum said that the firm was particularly impressed by CloudPay’s “growth, experienced international leadership team, and customer commitment.”
He added: “We are excited about what the future holds for CloudPay and are proud to support their long-term growth strategy.”
As this funding round marks a significant milestone for CloudPlay, UNLEASH will be sure to provide any updates as and when they happen.
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