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.
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
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