What is OnPay?
Founded in 2009, OnPay has evolved from its origins as a subsidiary of a traditional payroll firm into a standalone, high-growth SaaS platform. The company specializes in automating complex legal paperwork and human-centric HR processes, effectively reducing administrative friction for employers. With its headquarters in Atlanta, Georgia, OnPay distinguishes itself through a user-friendly interface that simplifies compliance and benefits management. The platform is engineered to support the unique operational requirements of various industries, as well as the specialized needs of bookkeepers and accountants who manage multiple client accounts simultaneously. By prioritizing accuracy and affordability, OnPay has established a robust competitive moat in the crowded HR technology landscape.
How much funding has OnPay raised?
OnPay has raised a total of $103.3M across 4 funding rounds:
Series A
$5.9M
Debt
$350K
Debt
$34M
Series B
$63M
Series A (2020): $5.9M, investors not publicly disclosed
Debt (2020): $350K led by PPP
Series B (2025): $63M supported by AllianceBernstein and Carrick Capital Partners
Debt (2025): $34M featuring MC Credit Partners
Key Investors in OnPay
AllianceBernstein
AllianceBernstein is a global investment management firm that provides a wide range of services to institutional and individual clients, utilizing quantitative analysis and long-term research to drive strategic capital allocation.
Carrick Capital Partners
Carrick Capital Partners is a private equity firm specializing in software, SaaS, and technology-enabled services, focusing on collaborating with management teams to drive transformative growth and operational excellence.
MC Credit Partners
MC Credit Partners is a specialized financial institution operating within the banking sector, providing credit solutions and debt financing to support the growth objectives of emerging and established enterprises.
What's next for OnPay?
With the recent influx of capital, OnPay is expected to accelerate its product development roadmap and expand its market reach. The strategic focus will likely center on enhancing its automated compliance features and deepening its integration capabilities with broader financial ecosystems. As the company scales, the management team will likely prioritize customer acquisition in the mid-market segment, leveraging the trust established by its long-standing history in the payroll industry. This growth phase is critical for OnPay as it seeks to maintain its reputation for mistake-free processing while scaling its infrastructure to support a larger volume of enterprise-level clients and complex organizational structures.
See full OnPay company page
