OnPay announced on January 7, 2025, that it had secured more than $100 million in funding. The package included a $63 million Series B equity round led by Carrick Capital Partners and a separate debt facility from MC Credit Partners; OnPay did not disclose the facility’s size or terms.
How much did OnPay raise?
OnPay’s announcement put the total financing package at more than $100 million. That headline figure is not the size of the Series B alone: the disclosed equity round was $63 million, and the package also included debt financing whose amount was not stated. Carrick Capital Partners’ January 7, 2025 announcement is the source for the disclosed figures.
Who participated in the financing?
Equity: a Carrick-led Series B
Carrick Capital Partners led the $63 million Series B. AB Private Credit Investors, AllianceBernstein’s middle-market private-credit platform, and existing OnPay investors also participated. The announcement named those participants but did not establish that the list was exhaustive.
Debt: a facility from MC Credit Partners
MC Credit Partners provided a separate debt facility. The announcement did not disclose its size, interest rate, repayment schedule, collateral, or other terms. It also did not state a company valuation or the amount of any additional equity beyond the named $63 million Series B.
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What did OnPay say it would do with the money?
OnPay said the funding would support scaling its capabilities, developing products, expanding partnerships and integrations, investing in customer success, and pursuing its go-to-market strategy. Those are the company’s stated plans in the announcement, not confirmation that the investments have since been made or that any particular result followed.
CEO Jesse Burgess described the financing as a “transformative milestone” and said OnPay was excited to expand its offerings and drive growth for businesses relying on its payroll and HR services. Carrick Capital Partners Co-CEO Jim Madden said the company’s product and service approach positioned it to meet small and medium-sized businesses’ needs. Both remarks came from parties involved in the deal, rather than independent evaluations.
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What was OnPay’s business at the time?
In the funding announcement, OnPay described itself as headquartered in Atlanta and serving more than 25,000 small and medium-sized businesses across the United States. That customer figure is the company’s claim at the time of the January 2025 announcement, not a verified current count.
OnPay’s current product homepage describes payroll, HR, benefits, and time-tracking services. Those descriptions explain the business context for the funding, but do not independently establish product performance or show how the financing was ultimately deployed.
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What the announcement does—and does not—establish
- Established: OnPay announced a financing package exceeding $100 million, including a $63 million equity Series B and a separate debt facility.
- Established: Carrick led the Series B; AB Private Credit Investors and existing investors participated; MC Credit Partners provided the debt facility.
- Not disclosed: The debt facility’s amount and terms, valuation, dilution, or a complete list of investors.
- Not established by the announcement: Whether the stated spending plans were completed or what financial or operating effects followed.
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