OnPay, a leading provider of payroll, HR, and benefits solutions, announced today that it has secured more than $100 million in funding.
The 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, 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," said Jesse Burgess, CEO of OnPay. "We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR."
OnPay’s mission is to provide modern, accessible payroll and HR solutions that equip small and mid-sized businesses across the US to manage compliance, streamline operations, and support their teams. 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,” added Carrick Capital Partners Co-CEO Jim Madden.
FT Partners served as exclusive strategic and financial advisor to OnPay on the equity financing transaction.