CloudPay, a leading provider of remittance services, announced the completion of its most recent funding round, during which the firm raised US$58m in new capital.
The funding round was led by Olayan Group, with the support of existing backers Pinnacle Investment Partners and Rho Capital Partners, and others.
CloudPay will use the new capital injection to power its growth and to seal its place as the leader in the employee payment solutions sector. CloudPay seeks to continue to better unify global payroll systems.
CloudPay will also use the new funds to improve its recently launched CloudPay NOW, a mobile application that can help firms minimize complexities, and also help employees manage their finances.
CloudPay NOW was recently awarded the prestigious CODiE™ award and has a presence across 12 different countries.
“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,” said CloudPay CEO Paul Bartlett.
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