From Family Business to Industry Leader: The OnPay Journey
In 2007, Jesse Burgess stepped into his family’s payroll business, only to realize that the team of six payroll clerks was spending too much time on repetitive, mundane tasks. Determined to improve efficiency, he developed workflow automation tools to streamline their processes. This initiative sparked an idea—what if these tools could benefit other businesses? By 2011, Jesse had launched OnPay, a startup dedicated to providing payroll solutions along with software for HR and benefits management./p>
Fast forward to today, OnPay offers businesses a suite of applications designed to handle everything from payroll deductions and taxes to team management and benefits selection. These products integrate seamlessly with a variety of third-party HR and compliance tools, enabling customers to synchronize data across platforms like accounting systems./p>
The trend toward adopting HR and payroll software is gaining momentum as companies strive to overcome paperwork-related slowdowns. A recent survey by Business.com found that half of small business HR professionals now use cloud-based software for managing HR functions. Among those surveyed, 69% reported reduced payroll processing time and 25% noted improved legal compliance./p>
“The global HR payroll software market was valued at approximately $23 billion in 2021 and is projected to exceed $55 billion by 2031,” according to Allied Market Research. This surge in demand has undoubtedly favored OnPay’s growth./p>
{Allied Market Research}
On Tuesday, OnPay announced a significant milestone, securing over $100 million in new funding. This includes a $63 million Series B round led by Carrick Capital Partners, with additional support from MC Credit Partners through an undisclosed debt facility. Jesse Burgess commented that this financial boost will allow OnPay to “scale its capabilities,” further enhance product development, and accelerate its market reach./p>
“This funding represents a transformative milestone for OnPay and is a testament to the hard work and dedication of our team,” Burgess stated. “We’re excited to expand our offerings and drive impactful growth for businesses that rely on us for payroll and HR.”/p>
{Jesse Burgess}
AB Private Credit Investors also participated in the Series B round. To date, Atlanta-based OnPay has raised over $165 million in equity and debt, positioning itself as a leader in the expanding world of HR and payroll solutions./p>
