PayFit, a Paris, France-based company that automates payroll and HR processes for SMEs, raised $107m in Series D funding.
The round was led by Eurazeo Growth Large Venture and BPI France with participation and support from existing investors including Accel, Frst and Xavier Niel.
The company intends to use the funds to continue developing its comprehensive HR solution, consolidate its existing offer and support growth by increasing headcount from 550 to 800 by the end of this year.
Launched in 2016 by Firmin Zocchetto (CEO), Ghislain de Fontenay (CTO) and Florian Fournier (CPO), PayFit aims to facilitate payroll and HR tasks via SaaS. Although the company already centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information, PayFit intends to use the latest funding round to develop new features within its platform, particularly within our Human Resources Information System (HRIS) module.
This will include new features such as weekly meetings and feedback surveys that will boost engagement and close the gap between managers and employees.
PayFit operates in five European countries (France, Germany, Spain, Italy and the UK) and currently has 550 employees supporting 5,000 companies in managing their payroll and human resources.