OnPay, a leading provider of payroll, HR, and benefits solutions, announced that it has secured over $100 million in funding. This funding consists of a $63 million Series B funding round led by Carrick Capital Partners, with participation from AB Private Credit Investors, the middle market private capital platform of AllianceBernstein, and existing investors, and a debt facility provided by MC Credit Partners.
OnPay’s mission is to provide accessible payroll and HR solutions that equip small and mid-sized businesses across the US to manage compliance, streamline operations, and support their teams. This funding will enable OnPay to scale its capabilities, further invest in product development, expand partnerships and integrations, augment customer success teams, and accelerate its go-to-market strategy. This latest investment marks the increasing market demand for turnkey payroll software.
FT Partners served as the exclusive strategic and financial advisor to OnPay on the equity financing transaction.
KEY QUOTES:
“This funding represents a transformative milestone for OnPay and is a testament to the hard work and dedication of our team. We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR.”
– Jesse Burgess, CEO of OnPay
“OnPay’s superior product and unique service approach position the company to meet the growing demands of SMBs.”
– Carrick Capital Partners Co-CEO Jim Madden
