Conglomerate Olayan Group led a $58m funding round for UK-based payment services provider CloudPay on Wednesday.
The round was also backed by investment management firm Pinnacle Investment Partners, venture capital firm Rho Capital Partners and undisclosed additional investors.
Founded in 1996, CloudPay provides a range of payroll management and payment services for businesses through an online unified platform. It claims its offering is used by more than 1,500 multinational companies.
Paul Bartlett, CEO of CloudPay, said: “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 am especially excited to welcome Olayan Group – an organisation that shares our global perspective – as our newest investor.”
CloudPay has raised at least $164m to date. In August 2020, CloudPay received $35m of growth equity funding from Runway Growth Capital, Rho Capital Partners (then known as Rho Ventures) and Pinnacle Investment Partners. The latter two had joined Hercules Capital in a $25m round in May 2018.
Rho Ventures also contributed to a $16m round for CloudPay alongside Pinnacle Investment Partners in December 2012, having led a $30m series A round in December 2008.