Cloud-based payroll platform, CloudPay has named Roland Folz as its new CEO effective immediately.

Folz joins CloudPay from Solaris SE where he established the company in the embedded finance and Banking as a Service (BaaS) segment. He brings over 30 years experience in strategic development and driving growth across the financial services, mobility, telecoms and fintech sectors.

In his new role as CEO, CloudPay said it expects Folz to lead the company into the next phase of profitable growth following its expansion in recent years.

Speaking on his appointment Folz said: “This is a pivotal moment in the company’s development. With our market-leading portfolio of services, highly talented global team and impressive customer base of leading brands, we will continue to transform the payroll and payments market globally.”

In addition to his role at Solaris, Folz has held senior leadership roles across various corporate and high-growth organizations including eight years at Deutsche Bank, four years at Deutsche Telecom and four years as CEO of Mercedes Benz Bank. As Co-CEO of Direkt Anlage Bank AG, he expanded Germany’s first discount broker into six European countries, eventually taking the company public in 1999.

Last year, CloudPay announced that it had raised a new $50 million round of capital to help meet continued demand for cloud-based integrated global payroll and payments services. The business now processes 2.5 million payslips per annum worldwide with over one thousand employees, the company said.