Payfit has today confirmed that it has raised a new funding round of €70 million, taking total funding raised to €89 million in total. Eurazeo and Bpifrance have lead the latest round of investment, which also includes participation from prior investors Accel, Frst and Xavier Niel.
Launched in 2016, PayFit is pursuing its ambition to simplify human resources management for all SMEs in Europe. By digitalising these administrative and time-consuming tasks, PayFit frees up time for employers and employees, affording more time for the professional development of the employees of the SMEs that use PayFit.
Three years after launch, PayFit now serves over 3000 SMEs in France, Spain, Germany and The UK, and has 300 employees in its offices in Paris, Barcelona, Berlin and London. The new round of funding will enable PayFit to continue developing its HR solution, open further offices in Europe, and double its workforce to 600 people in 2020, and then to 1000 in 2021.
PayFit now supports more than 3000 SMEs in France, Spain, Germany and the UK; but the company does not intend to stop there. European expansion will continue in 2019 with the opening of Italy, and the UK team will soon add an experienced Head of Country.
The young company is able to enter new markets easily and confidently thanks to Jetlang, the programming language created by PayFit. Jetlang allows PayFit’s product to be easily adapted to the legal complexities of each country. For example, the Spanish solution was built in eight months, the German in six months and the English in four months. The objective is now to offer a successful solution to conquer a new market in only three months.
Firmin Zocchetto, CEO and co-founder of PayFit, commented: “This is certainly PayFit’s biggest challenge: recruiting the right people at the right time, without compromising on excellence and shared values. We are looking to strengthen all the teams: technical, product, sales, support, marketing… We are therefore looking for a wide variety of profiles,”
The HR Revolution in Europe is not complete. A YouGov study conducted for PayFit in April 2019 shows that only 44% of European employees say they have used a digital human resources management tool in their companies. Meanwhile, the survey demonstrated 91% of European employees who have used a digital HR tool think it’s necessary for the good management of a company, and to save time.
Firmin Zocchetto, CEO and co-founder of PayFit, stated: “This is only the beginning of the adventure: Europe brings together tens of millions of SMEs that want to digitalise themselves. It is an incredible market, and our ambition is to become the benchmark in payroll and human resources management for these SMEs.”
The PayFit solution is constantly developing, and now centralizes payroll, social declarations, absences and leave, expense reports, integration of new employees, employee directories, etc. Modules for annual interviews, talent and career management, etc., will complete the solution.
Founded by Firmin Zocchetto (CEO), Ghislain de Fontenay (CTO) and Florian Fournier (CPO), PayFit initially raised €5 million from Xavier Niel and The Family in 2016, €14 million from Accel in 2017 and €70 million from Eurazeo and BpiFrance.
