HR and fintech startup PayFit has raised €14 million. The Series B round was led by Accel with participation from previous investors Xavier Niel and Otium Venture.
The French startup develops HR, payroll, and expense management tools for SMBs on a SaaS model. The new funds will be invested in further developing its services with new features and expanding in the European market, first in Spain, Italy, Germany, and the UK. It targets its services at markets with complicated labour laws and launches localised features.
It’s currently used by 600 companies and plans to double its workforce from 40 to 80 by 2018.
“We are delighted Accel is joining the PayFit journey. With this new funding, we will be able to begin a new chapter and accelerate technologically and commercially, attracting larger companies,” said Firmin Zocchetto, Co-founder and CEO of PayFit. “This funding gives us the fire power to quickly expand in the European market, where there is a significant opportunity for our technology due to the complexity in HR that certain countries face.”
PayFit raised a Series A round of €5 million last October.
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