20 January 2020:
Payroll software firm OnPay raises today announced the completion of a $6 million Series A funding round. This exceeds the original goal of $5 million for its first round of venture financing.
The company will use the fresh capital tfor product development and to grow its team, expand its marketing efforts, and further enhance its award-winning customer experience.
As part of funding, Tony Catalfano, former CEO of Worldpay US, has joined OnPay’s board of directors.
Jesse Burgess, founder and CEO of OnPay, said, “Our rapid growth over the past year signals a significant demand for high-quality payroll services,. With this funding, we will continue to scale and exceed the expectations of our clients, while focusing on innovative product-led development.”
Mark McKee, president and COO of OnPay, said, “Former and active leaders of large and growing businesses invested in this round,. Support from well-known fintech investors who understand our industry demonstrates OnPay’s successful track record as well as our substantial opportunity to help businesses tackle some of their most pressing challenges.”
The Series A funding builds on an outstanding year for OnPay that includes becoming a Xero certified app partner, releasing a complete set of HR tools, and being named as the exclusively endorsed payroll partner for American Dental Association members.
(Source – OnPay)