OnPay, a prominent provider of payroll, HR, and benefits solutions, has announced a significant milestone by securing over $100 million in funding. This strategic investment underscores the company’s dedication to empowering small and mid-sized businesses with innovative payroll and HR solutions.
- Funding Details:
- Total Amount: $100 million.
- Series B Funding: $63 million led by Carrick Capital Partners, with participation from AB Private Credit Investors and existing investors.
- Debt Facility: Provided by MC Credit Partners.
- CEO’s Statement:
- Jesse Burgess, CEO of OnPay, highlighted the milestone as a testament to the team’s dedication, stating, “We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR.”
- Strategic Goals for Funding:
- Scale capabilities and product development.
- Strengthen partnerships and integrations.
- Enhance customer success teams.
- Accelerate the go-to-market strategy.
- Market Impact:
- This investment reflects the increasing demand for turnkey payroll software, particularly among small and mid-sized businesses.
- Jim Madden, Co-CEO of Carrick Capital Partners, emphasized OnPay’s unique service approach as a key driver for addressing SMB needs.
The latest funding marks a transformative chapter for OnPay as it continues to innovate and expand its offerings, cementing its position as a trusted partner for SMBs across the US. With enhanced resources, OnPay is poised to deliver modern, accessible, and impactful solutions that help businesses thrive.
