U.S. Markets closed

OnPay Raises $6 Million in Oversubscribed Series A Funding

Atlanta payroll software company to scale operations and further accelerate growth

OnPay, the top-rated payroll service provider for small businesses and accountants, today announced the completion of a $6 million Series A funding round. This exceeds the original goal of $5 million for its first round of venture financing. The company, headquartered in Atlanta, provides payroll, HR, and benefits services to more than 10,000 clients across the United States.

"Our rapid growth over the past year signals a significant demand for high-quality payroll services," said Jesse Burgess, founder and CEO of OnPay. "With this funding, we will continue to scale and exceed the expectations of our clients, while focusing on innovative product-led development."

In addition to product development, OnPay will use the investment to grow its team, expand its marketing efforts, and further enhance its award-winning customer experience.

"Former and active leaders of large and growing businesses invested in this round," said Mark McKee, president and COO of OnPay. "Support from well-known fintech investors who understand our industry demonstrates OnPay’s successful track record as well as our substantial opportunity to help businesses tackle some of their most pressing challenges."

As part of the round, Tony Catalfano, former CEO of Worldpay US, has joined OnPay’s board of directors. Catalfano has significant experience as a board member and advisor and has held a variety of senior leadership roles in the fintech industry.

The Series A funding builds on an outstanding year for OnPay that includes becoming a Xero certified app partner, releasing a complete set of HR tools, and being named as the exclusively endorsed payroll partner for American Dental Association members.

About OnPay
OnPay makes payroll, HR, and benefits easy, affordable, and error-free for accountants and small to mid-sized businesses in every industry. Combining 30 years of experience with the latest technology, OnPay spun off from its legacy company in 2015 to grow its online payroll platform. OnPay was rated "excellent" by PC Magazine and gets the highest ratings from CPA Practice Advisor, Motley Fool, and their clients on Capterra as well as receiving awards for ease of use and outstanding customer service. Learn more at OnPay.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200120005034/en/

Contacts

Media contact:
Erica England, APR
Arketi Group
404-929-0091 x 209
eengland@arketi.com

  • Business
    Barrons.com

    The Dow Is Down 1000 Points. Here’s What History Says Happens Next.

    From a technical perspective, the S&P 500 should find support near its Jan. 31 low of 3225.52, according to Macro Risk Advisors' John Kolovos. That's right about where the S&P 500, at 3,228.99, is now, and if that breaks a full-blown correction is likely in play. This is the type of distributive selling that will require a good and proper reset in price, sentiment and or time on a break,” he writes.

  • The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops
    Business
    MarketWatch

    The Dow tumbled more than 1,000 points and marked its third-worst point drop in history — here’s how the stock market tends to perform after big drops

    Need to Know: Warren Buffett says 'don't buy or sell' on the headlines as coronavirus sends stocks plunging 3% or worse Monday's selloff marks the first time all three major benchmarks — the Dow, the S&P 500 index (SPX) and the Nasdaq Composite Index (COMP) — each fell by at least 3% on the same day since Dec. 4, 2018, according to Dow Jones Market Data. Negative for the year Monday's downturn has wiped out this year's gains for the Dow (now -2.02%) and the S&P 500 (now -0.15%). day The S&P 500 breached its 50-day moving average for the first time since October.

  • Business
    NerdWallet

    How the IRS Knows If You Cheat on Your Taxes

    Those forms, called information returns, typically are records of certain payments you received or made during the tax year that you usually need to report on your tax return. Some of the most common information returns are W-2s, which report wages earned from a job, and 1099s, which report money received for things such as freelance work, dividends or interest. But other money moves you make could put information returns in the IRS' mailbox, too, says Ignatius Jackson, a certified public accountant in Phoenix.

  • Buffett is bullish on stocks but says the market can drop 50% — is he wrong?
    Business
    MarketWatch

    Buffett is bullish on stocks but says the market can drop 50% — is he wrong?

    Stock market investors are watching the coronavirus spreading far beyond China. It is no longer mostly in Asia. Italy has reported six coronavirus deaths and an accelerating number of cases.

  • Here are the worst-performing stocks Monday as investors panic over the coronavirus
    Business
    MarketWatch

    Here are the worst-performing stocks Monday as investors panic over the coronavirus

    a href="https://www.marketwatch.com/story/here-are-the-worst-performing-stocks-monday-as-investors-panic-over-the-coronavirus-2020-02-24? siteid=yhoof2" (UNH) -7.5% -5.2% -9.1% 18.0% American Express Co.

  • Gilead Surges After WHO Comments on Virus Drug Testing
    Business
    Bloomberg

    Gilead Surges After WHO Comments on Virus Drug Testing

    Gilead's compound, remdesivir, has been rushed into a clinical trial in China, where the illness has infected tens of thousands of people. Remdesivir is the “one drug right now that we think may have efficacy,” Bruce Aylward, an assistant director-general at the World Health Organization, said at a briefing in Beijing. Gilead shares rose 4.6% to $72.90 on Monday, the highest closing level since October 2018.

  • UnitedHealth stock plunges toward worst day in nearly 9 years as Sanders’ Nevada win stokes investor fear
    Business
    MarketWatch

    UnitedHealth stock plunges toward worst day in nearly 9 years as Sanders’ Nevada win stokes investor fear

    Shares of UnitedHealth Group Inc. plunged toward their worst day in nearly 9 years Monday, as the narrative around a potential Bernie Sanders nomination may have swung to negative from positive following the senator's surprisingly big win in Nevada. Other health insurer stocks also took deeper dives than the broader stock market in afternoon trading. Shares of Centene Corp. (CNC) , which provides programs and services to government-sponsored health-care programs, plunged 10.2% to pace the 492 of 505 stocks on the S&P 500 index (SPX)  that were losing ground.

  • Business
    Barrons.com

    Stock Trading Will Be Halted if the Market Falls Too Much. It Isn’t Even Close.

    Level One Breach A 7% decline in the S&P 500 from the prior day's close would trigger a so-called level one breach, where trading is halted for 15 minutes. That level on Monday is 3104.11. The S&P 500 closed at 3337.75 on Friday).

  • 'Flat earther' dies in rocket crash
    U.S.
    Associated Press Videos

    'Flat earther' dies in rocket crash

    A California man who said he wanted to fly to the edge of outer space to see if the world is round has died after his home-built rocket blasted off into the desert sky and plunged back to earth. Feb.

  • Markets ‘powered through’ SARS, but the coronavirus outbreak is different, Cowen says — and here’s why
    Business
    MarketWatch

    Markets ‘powered through’ SARS, but the coronavirus outbreak is different, Cowen says — and here’s why

    U.S. stocks may not be able to “power through” the coronavirus as they did with the SARS outbreak and the travel industry will take longer to recover, analysts at broker Cowen are warning. Global stocks tumbled on Monday as the spread of the coronavirus outside China intensified, with Italy and South Korea reporting a spike in new cases. The Dow Jones Industrial Average (DJIA) lost 760 points shortly after the open, and is now 1% down year-to-date, while the S&P (SPX) fell 2.5% in early trading and is 0.7% up so far in 2020.

  • Why Fidelity 401(k) Millionaires Average $1.46 Mil Balances
    Business
    Investor's Business Daily

    Why Fidelity 401(k) Millionaires Average $1.46 Mil Balances

    The number of people with $1 million or more in 401(k) accounts in plans run by Fidelity Investments rose to a record 233,000. And the number of IRA millionaires — savers with balances of $1 million or more in accounts held at Fidelity — hit 208,000, also a record. Fidelity 401(k) Millionaire Traits In addition, Fidelity disclosed several of its 401(k) millionaires' traits: The average 401(k) balance for its millionaires reached $1,462,000.

  • Business
    MarketWatch

    Shake Shack stock down more than 9% after Q4 loss, sales miss

    Shares of Shake Shack Inc. fell more than 9% in the extended session Monday after the burger chain posted a quarterly loss and sales that missed expectations, saying it faced "food and labor headwinds." Shake Shack lost $2.1 million, or 6 cents a share, in the quarter, compared with a loss of $1 million, or 3 cents a share, in the fourth quarter of 2018. The company pinned the loss, which comes after three quarters of GAAP profits, on "sales performance, food and labor headwinds and investments across the business." Adjusted for one-time items, Shake Shack earned $2.2 million, or 6 cents a share, an adjusted EPS that matched the year-ago period.

  • Tesla stock hit hard by coronavirus fears and broad market selloff
    Business
    MarketWatch

    Tesla stock hit hard by coronavirus fears and broad market selloff

    Tesla Inc. stock fell more than 7% Monday amid a broad equity selloff triggered by fears the spread of the COVID-19 virus might tip the world into economic chaos. Tesla (TSLA) shares traded at their lowest level in 10 days and are on pace for their largest one-day percentage decline since Feb. 5, when the stock lost 17.2% following a couple of ratings downgrades. The COVID-19 outbreak in China has been called “a clear headwind” for Tesla, which has pinned a lot of its expansion plans on the Chinese market and the performance of its Shanghai factory.

  • Investors unable to access brokerage accounts as stocks fall — what you should know for your retirement accounts
    Business
    MarketWatch

    Investors unable to access brokerage accounts as stocks fall — what you should know for your retirement accounts

    Investors are advised not to change their investment portfolios when the market is volatile — some were forced to take that advice when they couldn't access their accounts Monday morning. Some Fidelity Investment users tweeted Monday morning that at the start of the trading day, they couldn't log in to their accounts, or when they did, they saw a $0 balance. This comes less than a week after Fidelity customers were unable to access their accounts, or came across with no balance for their 401(k) and other investment portfolios.

  • U.S. Supreme Court turns away religious bias claim against Walgreens
    U.S.
    Reuters

    U.S. Supreme Court turns away religious bias claim against Walgreens

    The U.S. Supreme Court on Monday handed a victory to Walgreens, turning away an appeal by a fired former Florida employee of the pharmacy chain who asked not to work on Saturdays for religious reasons as a member of the Seventh-day Adventist Church. The justices declined to review a lower court ruling in Darrell Patterson's religious discrimination lawsuit that concluded that his demand to never work on Saturday, observed as the Sabbath by Seventh-day Adventists, placed an undue hardship on Walgreens. Patterson, who had trained customer service representatives at a Walgreens call center in Orlando, was fired in 2011 after failing to show up for work on a Saturday for an urgent training session.

  • One of the market’s hottest stocks just bounced into the green to buck selloff
    Business
    MarketWatch

    One of the market’s hottest stocks just bounced into the green to buck selloff

    Virgin Galactic shares, which have been on a ridiculous tear lately, started Monday's session just like most stocks did — deep in the red. Yes, Richard Branson's Virgin Galactic (SPCE) saw its stock take a double-digit hit early, following the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX)into negative territory. But while the indexes failed to shake coronavirus fears throughout the day, Virgin Galactic, as you can see, caught a swarm of dip-buyers, who pushed the stock up more than 4% on heavy volume as the trading day wound down.

  • Warren Buffett on coronavirus fears: I won’t be selling stocks
    Business
    Yahoo Finance Video

    Warren Buffett on coronavirus fears: I won’t be selling stocks

    Berkshire Hathaway CEO Warren Buffett isn't panicking about the impact of the coronavirus on markets in the long-term. Yahoo Finance's Seana Smith and CFRA research analyst Cathy Seifert discuss his remarks, along with Berkshire Hathaway's earnings results.

  • Warren Buffett says ‘don’t buy or sell’ on the headlines as coronavirus sends stocks plunging
    Business
    MarketWatch

    Warren Buffett says ‘don’t buy or sell’ on the headlines as coronavirus sends stocks plunging

    Global stocks are plunging on Monday after the number of virus cases outside China surged over the weekend, particularly in Italy, South Korea and Iran. European stocks also plummeted, with Italy's FTSE MIB (IT:I945) leading the descent, falling 5.9%. “The real question is: 'Has the 10-year or 20-year outlook for American businesses changed in the last 24 or 48 hours?'” the billionaire investor said on CNBC.

  • Politics
    Bloomberg

    Buttigieg Calls for SALT Cap Removal Ahead of California Primary

    Buttigieg updated his tax plan Monday, adding a plank that would remove the $10,000 limit on so-called SALT deductions for those earning up to $400,000, partially reversing a provision in President Donald Trump's tax law that capped those write-offs, which were previously unlimited. The proposal is likely to play well in high-tax states such as California, New York and New Jersey, Democratic strongholds where local leaders have said the cap hurts residents whose incomes and property values tend to be higher.

  • Duke Energy, Williams Cos. and partners end the $1B Constitution Pipeline project
    Business
    American City Business Journals

    Duke Energy, Williams Cos. and partners end the $1B Constitution Pipeline project

    Duke Energy Corp. confirms that the four partners in the Constitution Pipeline have agreed to abandon the 124-mile project designed to carry natural gas from shale fields in Pennsylvania to New York and New England. “Although Constitution did receive positive outcomes in recent court proceedings and permit applications, the economics associated with this greenfield project have since changed in such a way that they no longer justify investment,” says Duke spokeswoman Tammie McGee. The delays and legal challenges have since driven up the costs by close to 40%.

  • India To Buy $3 Billion In U.S. Weapons But This Key Deal Awaits
    Politics
    Investor's Business Daily

    India To Buy $3 Billion In U.S. Weapons But This Key Deal Awaits

    President Donald Trump said India will sign $3 billion in military deals with the U.S. Tuesday, while Boeing and Lockheed Martin remain in a dogfight to win a massive fighter jet deal. Defense stocks dropped. Earlier this month, the State Department approved the sale of a Raytheon Integrated Air Defense Weapon System, which includes radars and missiles, to India as part of a $1.87 billion package.

  • Bernie Sanders isn’t a democratic socialist. He is a social democrat
    World
    Quartz

    Bernie Sanders isn’t a democratic socialist. He is a social democrat

    Trump's fury over coronavirus patients being repatriated may be justified The reason Trump is excited about this development is likely his own campaign strategy, which has used the specter of socialism to warn against voting for the Democrats. Sanders, who describes himself as a “democratic socialist,” provides fuel to Trump's rants against a socialist takeover of America. But despite the longstanding negative connotations of socialism—and its powerful effect in halting social reforms such as universal health coverage—the senator from Vermont doesn't seem too concerned about the effect a socialist label can have on his campaign or proposals.

  • The 10-year Treasury yield is sliding toward its all-time low — here’s why
    Business
    MarketWatch

    The 10-year Treasury yield is sliding toward its all-time low — here’s why

    As U.S. stocks headed for the biggest one-day selloff in more than a year, investors took shelter in the deepest, most liquid haven asset in the world — U.S. Treasurys. Fears the COVID-19 outbreak could delay a global economic recovery for longer than expected has drawn investors to government bonds. The 10-year Treasury note yield (BX:TMUBMUSD10Y)  tumbled more than 10 basis points to trade at 1.377% on Monday, a few basis points away from its record low of 1.32% set in June 2016, Tradeweb data show.

  • Why This Is The Only Marijuana Stock A Top Pot Analyst Still Rates As A Buy
    Business
    Investor's Business Daily

    Why This Is The Only Marijuana Stock A Top Pot Analyst Still Rates As A Buy

    Marijuana stocks fell Monday as Cowen downgraded Aurora Cannabis stock and Tilray, but kept Canopy Growth stock as its only "outperform" rating, amid ongoing supply and cash difficulties in Canada's legal recreational rollout and better prospects in the U.S. In a research note on Monday, Cowen analyst Vivien Azer said issues that have hurt the industry — too few stores to sell weed, difficulty bringing illicit-market customers into the legal market — "do not appear to be fading as anticipated." Newer legal products, like edibles and vapes, are "likely not the elixir that the market was hoping for," she said. Factoring those issues together, Cowen also slashed its full-year sales forecast by 32% to 3.5 billion Canadian dollars ($2.63 billion) in legal cannabis sales.

  • Business
    Benzinga

    Warren Buffett On Monday's Market Plunge: 'That's Good For Us'

    Warren Buffett said in a CNBC interview Monday he prefers buying stocks at a cheaper price so Monday's sell-off is something "that's good for us." Buffett's annual chat with CNBC's Becky Quick coincided with a large sell-off in U.S. stocks as confirmed coronavirus cases are popping up in large numbers worldwide. But Buffett will be "buying on balance" and he "certainly won't" be selling any shares.