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Cloud-based payroll management business CloudPay has raised $16 million in its second round of funding, a move will help it grow and further refine its software-as-a-service for small and large business payrolls.

CloudPay offers payroll management software to companies in 160 counties and it supports 30 currencies and 26 languages. Some of its biggest customers include ADB, Siemens, Education First, and the Singapore Mercantile Exchange.

“Globalization and the competitive landscape it fosters are giving rise to borderless organizations,” CloudPay CEO Andrew Pearson said in a statement. “As a result, traditional businesses must modernize and become increasingly multi-national in their approach. … CloudPay is most often selected because of the efficiencies gained by the use of its centralized SaaS technology to ensure compliance, management control, global visibility, and detailed business intelligence.”

The new round of funding was led by Pinnacle Investment Partners, Rho Ventures, and other institutional investors.

London and Raleigh, N.C.-based CloudPay was founded in 1996, and it recently changed its name from Patersons Global Payroll in October. Before this funding round, the company raised more than $50 million in equity funding.

Money in the cloud photo via Andy Dean Photography/Shutterstock