[France] Payfit achieves unicorn status following €254m Series E round

France-based payroll and HR automation start-up PayFit has become a unicorn after the company raised €254 million in a Series E funding round, Fintech Futures reports.

In a Series D funding round in March 2021, PayFit secured €90 million. The prior funding round closed in 2019, with €70 million.

Previous investors Eurazeo Growth, BPI France and Accel reportedly participated in the latest round alongside new investor General Atlantic.

In its announcement of the funding round, PayFit says it has “big goals” for 2022, including strengthening its payroll solution and simplifying its payroll and HR processes for SMEs across Europe.

In addition, the company said it wants to continue to provide the “best customer support and expertise to our customers” and hire 400 new employees across France, Germany, Spain and the UK.

PayFit’s tech centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information. It also provides relevant data analysis to identify gender pay gaps in organisations.

Founded in 2016, the company’s customer base includes Revolut, Starling Bank, and Treatwell among its customer base. It operates in France, Germany, Spain, Italy and the UK.

PayFit has offices in Paris, Barcelona, Berlin and London.

Source: Fintech Futures

(Link and quotes via original reporting)

France-based payroll and HR automation start-up PayFit has become a unicorn after the company raised €254 million in a Series E funding round, Fintech Futures reports.

In a Series D funding round in March 2021, PayFit secured €90 million. The prior funding round closed in 2019, with €70 million.

Previous investors Eurazeo Growth, BPI France and Accel reportedly participated in the latest round alongside new investor General Atlantic.

In its announcement of the funding round, PayFit says it has “big goals” for 2022, including strengthening its payroll solution and simplifying its payroll and HR processes for SMEs across Europe.

In addition, the company said it wants to continue to provide the “best customer support and expertise to our customers” and hire 400 new employees across France, Germany, Spain and the UK.

PayFit’s tech centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information. It also provides relevant data analysis to identify gender pay gaps in organisations.

Founded in 2016, the company’s customer base includes Revolut, Starling Bank, and Treatwell among its customer base. It operates in France, Germany, Spain, Italy and the UK.

PayFit has offices in Paris, Barcelona, Berlin and London.

Source: Fintech Futures

(Link and quotes via original reporting)