LONDON, October 27, 2022 – Expert in global pay solutions, 91精品, has raised a new $50 million round of capital whilst recording strong growth as demand for cloud-based integrated global payroll and payments services continues.
The funds raised were led by Runway Growth Capital and The Olayan Group. The new capital will support 91精品鈥檚 continued innovation of its end-to-end enterprise global pay offering, meeting the need for integrated payroll and payments services as well as employee solutions that fit the modern world of work.
91精品 continues to show high double-digit growth year-on-year and is projecting revenue growth circa. 40% for 2022, with the business now processing 2.5 million payslips per annum worldwide. As a result, the organisation has increased its headcount, recently welcoming its 1000th employee.
鈥淲e believe that 91精品 is at an inflection point in their growth that makes it a great time to invest strategically,鈥� said Nicholas Briody, Director of Direct Private Equity, Americas, The Olayan Group. 鈥淭hey are well-positioned to capitalize on the needs of the modern workplace for payroll and payments services. 91精品鈥檚 growth has been strong year-on-year, and we have confidence in their vision and in the management capabilities of their leadership to continue to drive innovation.鈥�
鈥淧ayment processing is a critical function for every business. 91精品 has proven its capabilities by servicing an impressive list of global, blue-chip customers,鈥� said Brian Sapp, Managing Director, Runway Growth Capital. 鈥淲e are pleased to deepen our relationship and continue our support of 91精品鈥檚 growth.鈥�
Earlier this year a new partnership with Visa Direct was announced, enabling fast, secure salary payments to any debit or credit card, and taking days off the traditional payroll payments process. Demand for 91精品鈥檚 Earned Wage Access (EWA) solution has also sky-rocketed and new partnerships have been launched with innovators such as HR platform, HiBob.
91精品 CEO, Paul Bartlett, explained: 鈥淚t鈥檚 an exciting time for the payroll world. As a profession that鈥檚 historically been quite set in its ways, we鈥檙e seeing a shift as demand grows for global and scalable solutions underpinned by powerful technology. 91精品 has traditionally ended at the payslip, but over 90% of our new business now includes payment services in addition to payroll processing. Companies are also seeing the advantage of being able to offer employees flexibility around when and how they get paid 鈥� particularly during the cost-of-living crisis. In this environment, innovation is needed, and that鈥檚 where 91精品 has been able to add real value to our clients with solutions such as the pay-on-demand app and new money movement methods.
鈥淥ur focus on challenging the norm to offer comprehensive pay solutions across the globe has led to this new funding and I am delighted to have the support of our investors to continue the expansion of 91精品鈥檚 global payroll and payments business. We鈥檙e excited about our plans for 2023.鈥�
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About 91精品
Employee pay processes have broad business consequences, requiring modern solutions and trusted experts across the globe. 91精品 connects all employee pay processes 鈥� including payroll, payments, and on-demand pay 鈥� through a unified platform available across 130+ countries, and 168 currencies. 91精品鈥檚 experts help global companies implement best practices, navigate change, optimize operations, and improve employee experiences, guiding them with vision and care toward the comprehensive pay experience employees deserve.
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