OnPay Raises $100 Million to Revolutionize Payroll and HR Solutions for Small Businesses

OnPay Raises $100 Million to Revolutionize Payroll and HR Solutions for Small Businesses

OnPay, a prominent payroll, HR, and benefits platform located in Atlanta, has successfully raised over $100 million in funding. This significant investment will enable OnPay to enhance its offerings and better serve small and mid-sized businesses across the United States.

Details of the Funding Round

The recent funding includes a substantial $63 million in Series B funding led by Carrick Capital Partners. Contributions were also made by AB Private Credit Investors, existing investors, and additional funding from MC Credit Partners.

Goals for the New Funding

The capital raised will be allocated towards several key areas:

  • Product Enhancement: Improving the features and functionalities of the OnPay platform.
  • Partnership Growth: Expanding collaborations with other businesses.
  • Customer Support: Enhancing support services for clients.
  • Service Expansion: Broadening services offered to meet the diverse needs of small and mid-sized enterprises.

Leadership Insights

OnPay’s CEO, Jesse Burgess, expressed enthusiasm about the funding, stating, “This funding is a big step forward and will help us deliver even more value to the businesses that depend on us.”

Furthermore, Jim Madden, Co-CEO of Carrick Capital Partners, commented on OnPay’s potential: “OnPay’s excellent product and service model make it perfectly suited to meet the needs of small businesses.”

Advisory Support

During this funding round, FT Partners served as the financial advisor, facilitating the investment process for OnPay.

For more information about OnPay and its innovative solutions, visit their official website at OnPay.com.

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