With the new funds, CloudPay is preparing to continue growing its employee pay solutions, the release stated. The company works on unifying global payments systems.
Last year, CloudPay saw a spike in demand for its treasury services and a desire among its customers to consolidate more of their pay operations onto CloudPay’s platform, according to the release.
The Olayan Group, along with existing investors Pinnacle Investment Partners and Rho Capital Partners, participated in the round, the release stated.
“This funding will be instrumental as we build our FinTech solutions, including peer-to-peer payment capabilities,” said CloudPay CEO Paul Bartlett in the release. “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.”
CloudPay Chairman Joshua Ruch said in the release: “CloudPay customers already enjoy substantial consolidation benefits with our state-of-the-art global payroll platform. We’ll continue to redefine the sector with new treasury management and earned wage access services for employers and employees.”
CloudPay also recently debuted an earned wage access offering, CloudPay NOW, which cuts down on operational complexities and lets employees manage finances, according to the release.
In other fundraising news, Nuvemshop, a Latin America-based eCommerce platform, raised $500 million in a Series E funding round. The company’s goal is to expand the Latin America eCommerce market using tools like smartphones, digital banking and stronger infrastructure.
Nuvemshop plans to use the money to strengthen its payments and logistics capabilities. That will help the company bolster eCommerce pay in the region. The company also plans to expand its sales and customer support capabilities.