Payroll Provider CloudPay Nets $25 Million in New Funding

Payroll Provider CloudPay Nets $25 Million in New Funding

NEW YORK, May 3, 2018 — Global payroll technology leader and services provider CloudPay today announced that it has raised an additional investment of $25 million in capital from Rho Ventures, Pinnacle Investment Partners, and Hercules Capital. This new funding will be used to further enhance CloudPay’s award-winning technology platform and expand its market and global presence. Historically focused on the mid-enterprise global payroll market, CloudPay plans to use the new funding to scale its platform for use by smaller multinationals – allowing more global companies to take advantage of its sophisticated cloud payroll technology and compliant services in over 120 countries. “Today’s interconnected global workforce allows even the smallest companies to have a global employee base,” said Paul Bartlett, CEO of CloudPay. “The size of a company should not determine the level of compliance and sophistication it can demand from its payroll providers. All organizations need a robust global