OnPay, a payroll, HR, and benefits solutions company, announced that it has raised more than $100 million in funding. The financing includes a $63 million Series B funding round led by Carrick Capital Partners, with participation from AB Private Credit Investors and existing investors, along with a debt facility from MC Credit Partners. This significant investment highlights the growing market demand for OnPay’s comprehensive payroll software designed for small and medium-sized businesses. Jesse Burgess, CEO of OnPay, described the funding as a transformative milestone, enabling the company to expand its offerings and support its clients more effectively.
The new funding will allow OnPay to enhance product development, strengthen customer success teams, broaden partnerships, and accelerate its go-to-market strategy. Carrick Capital Partners Co-CEO Jim Madden emphasized OnPay’s superior product and service approach, positioning it to meet the increasing needs of SMBs seeking streamlined payroll and HR solutions.
