PayFit, a France-based leading payroll and HR management solution for SMEs, today announced that it raised €254 million in a Series E funding round, a record-breaking amount for a French HR startup. PayFit reached a €1.82 billion valuation, the French company is now officially part of the unicorn club.
The round was led by General Atlantic, with participation from existing investors Eurazeo, Bpifrance, and Accel Ventures.
PayFit will use the new Series E funding 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 later this year.
PayFit also plans to use the funds to recruit additional top talent, accelerate the development of innovative new products, and increase its market share across Europe.
Company: PayFit Ltd
Round: Series E
Funding Month: January 2022
Lead Investors: General Atlantic
Additional Investors: Eurazeo, Bpifrance and Accel Ventures
Company Website: https://payfit.com/
Software Category: Payroll and HR software-as-a-service platform
About the Company: Founded in 2015, PayFit simplifies and automates payroll and HR processes for small and medium-sized businesses. The company provides a leading next-gen payroll solution that automates complex and time-intensive HR processes, particularly for underserved small and medium-sized enterprises (SMEs). PayFit’s proprietary technology platform enables HR managers, finance managers, and business owners to easily conduct payroll calculations in markets with complex regulatory requirements, which is a key differentiator amidst the fast-growing HR technology market. With 700 employees in Paris, Berlin, Barcelona, and London. There are currently 6,000 companies using PayFit. Around 80% of them are based in France. Other customers are located in Spain, Germany, and the U.K.