CloudPay, a UK-based global payroll provider, announced a USD120 million funding round.

“Global payroll is a growing market providing tremendous opportunities for CloudPay, and this funding gives us the flexibility to accelerate our journey,” CEO Roland Folz said.

Funding will go toward enhancing the product, including deploying artificial intelligence with data management, automating and scaling processes and improving connectivity, according to the company.

The round was led by Blue Owl Capital with the participation of existing shareholders Rho Capital Partners, The Olayan Group and Hollyport Capital.

CloudPay has more than 280 corporate clients and operates in more than 130 countries. It has more than 1,350 employees globally.