PayFit, a French provider of a payroll and HR management solution for SMEs, raised €254M in Series E funding.
General Atlantic led the round with participation from existing investors Eurazeo, Bpifrance and Accel Ventures.
The company plans to use the funds to deepen its penetration in existing markets, invest in its core automated payroll software offering, and continue to expand its SME-tailored solution across HR management by complementing leaves/absences and expenses with interview assessment functionality, among other features to be launched in 2022.
Launched in April 2016 by Firmin Zocchetto, Ghislain de Fontenay and Florian Fournier, PayFit provides a next-gen payroll solution that automates complex and time-intensive HR processes, particularly for underserved small and medium-sized enterprises (SMEs). Its proprietary technology platform enables HR managers, finance managers and business owners to conduct payroll calculations in markets with complex regulatory requirements.
Since its founding in 2015, the company has gained over 6,000 clients. Based in France, PayFit has expanded into three additional major European markets – Germany, Spain, and the United Kingdom – and plans to scale from more than 700 current employees to over 1,000 within the next 12 months.