PayFit, a French fintech startup, has raised €5 million in a Series A round led by Otium Venture and Xavier Niel to fund its international expansion and further develop its payslip processing tech for small business.
Investors The Family, Geoffroy Roux Bézieux, Jean-Daniel Guyot, Oleg Tscheltzoff also participated in the round.
PayFit automates payroll processes for companies. It launched in France in April of this and has gathered more than 250 customers since then. The company now intends to expand its services into more European countries, said cofounder Firmin Zocchetto.
The startup promises to save small businesses time and money on their payroll systems that would otherwise have been spent on accountants and administrative costs. On the other side, employees can manager their timesheets, employment contracts, insurance and benefits.
“Beyond the savings in time and money for companies, the reliability of the technology also eliminates all risk of error,” said Bruno Raillard, venture partner at Otium.