French Fintech PayFit Secures €90 Million Through Series D Funding Round

 

PayFit, a France-based fintech that specializes in payroll and HR, announced on Wednesday it secured 90 million through its Series D funding round which was led b y Eurazeo Growth, Large Venture, and BPI France with participation from Accel, Frst, and Xavier Niel.

Launched in 2016, PayFit describes itself as an “ultra-intuitive” SaaS solution that was created to digitize all the “complex aspects” of payroll and human resources. The company’s solution notably makes it possible to manage the hiring of employees, pay stubs, social declarations, paid leave, end of contract, and expense reports.

“Since being founded a little over five years, we now serve over 5,000 SMEs with 100,000 employees using our solution, including Revolut, Starling Bank and Treatwell and many other companies across France, Germany, Spain, Italy and the UK.”

Firmin Zocchetto, CEO of PayFit, further stated:

“All of our clients do their payroll on our solution, but not all of them manage their HR with us. Having additional HR modules will help our clients to become increasingly digital, more efficient and support their growth.”

PayFit then added that The latest investment will be used to continue developing its comprehensive HR solution, consolidate the platform’s existing offer and support its hypergrowth by increasing our headcount from 550 to 800 by the end of this year. 

Although we already centralize payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information, we intend to use the latest funding round to develop new and exciting features within our platform, particularly within our Human Resources Information System (HRIS) module.  This will include new features such as weekly meetings and feedback surveys that will positively impact their employees’ lives by boosting engagement and closing the gap between managers and employees. Ultimately, our goal is for HR professionals to manage all HR and payroll functions under one roof.”

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