OnPay secures $100m funding to enhance payroll software offerings

OnPay, a prominent provider of payroll, HR, and benefits solutions, has raised over $100m in new funding.

The funding comprises a $63m Series B round led by Carrick Capital Partners, with additional backing from AB Private Credit Investors, AllianceBernstein’s middle-market private capital platform, and existing investors.

OnPay also secured a debt facility from MC Credit Partners.

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The capital will support OnPay’s plans to scale its operations by investing in product development, expanding partnerships and integrations, strengthening customer success teams, and accelerating its go-to-market strategy.

Headquartered in Atlanta, OnPay provides payroll, HR, and benefits solutions to over 25,000 small and medium-sized businesses across the US. Its platform blends intuitive functionality with advanced features typically reserved for larger organisations.

Source: Fintech Global