OnPay, a provider of payroll, HR and benefits solutions, has secured more than $100 million in funding consisting 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, as well as existing investors and a debt facility provided by MC Credit Partners.
“This funding represents a transformative milestone for OnPay and is a testament to the hard work and dedication of our team,” Jesse Burgess, CEO of OnPay, said. “We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR.”
The 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.
“OnPay’s superior product and unique service approach position the company to meet the growing demands of SMBs,” Jim Madden, co-CEO, Carrick Capital Partners, said.
FT Partners served as exclusive strategic and financial advisor to OnPay on the equity financing transaction.
