Payfit Raises $107 Million to Expand Payroll & HR Platform

PayFit Secures $107 Million in Series D Funding

The French company PayFit has successfully completed a Series D funding round, raising $107 million (€90 million). This latest investment was spearheaded by Eurazeo Growth and the Large Venture fund of Bpifrance.

Payroll and HR Software Platform

PayFit specializes in the development of a payroll and HR software-as-a-service (SaaS) solution. The platform enables businesses to manage their payroll operations through a web browser, automating numerous processes.

Key features include automated payslip creation, seamless payroll data export to accounting software, and the generation of payment lists for contributions like pensions and health insurance.

Maintaining Regulatory Compliance

As a SaaS platform, PayFit ensures continuous updates to reflect evolving regulations. This means the system automatically adjusts to new legal requirements, guaranteeing ongoing compliance for users without requiring manual intervention.

Expanding Beyond Core Payroll

Initially focused on payroll, PayFit has broadened its scope to encompass a wider range of HR functionalities. Each employee is provided with a unique login to access their payslips directly within the system.

The platform also facilitates employee requests for time off and allows hourly workers to submit their worked hours. Manager notifications are automatically triggered for approval processes.

Expense Management and Employee Data

PayFit serves as a centralized hub for managing employee expenses and receipts. Having access to banking details simplifies the reimbursement process for cash expenses.

Furthermore, employees can access the company directory and organizational chart through PayFit. The HR department can establish onboarding workflows, enabling new hires to request necessary equipment and submit personal information efficiently.

Targeting Small and Medium-Sized Businesses

While similar functionalities are offered by enterprise solutions like Workday, PayFit specifically caters to small and medium-sized companies seeking cost-effective alternatives to lengthy contracts.

Currently, PayFit serves 5,000 clients, representing a total of 100,000 employees – an average of 20 employees per client. Notable customers include Revolut, Starling Bank, and Treatwell.

Geographic Presence and Future Growth

PayFit currently operates in France, Germany, Spain, Italy, and the United Kingdom. With a current workforce of 550 employees, the company intends to add another 250 employees in 2021 to support its continued expansion.

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