Paris-based HRtech PayFit raises €90 million in Series-D round

Paris-based HRtech firm PayFit saw a 40% growth over the course of 2020, and has closed a €90 million Series-D funding round.

The round was led by Eurazeo Growth, Large Venture and BPI France and saw participation from existing investors Accel, Frst and French billionaire Xavier Niel.

Previously known best for their payroll solution, the fresh round of funding is expected to fuel the continued growth and development of the company’s end-to-end HR solution, as well as expand the headcount by 50%, totalling 800 employees, by the end of the year.

WIth over 24 million SMEs across Europe, many of which have been hit hard by the global pandemic, PayFit is seeking to ease the pain of HR procedures and protocol through a complete digitisation of the process. What this digitisation translates to is the removal of tedious administration tasks, and freed up time to focus on more high-value activities including employee training, career progression, and learning and development initiatives.

"As a result of the pandemic, HR professionals have faced a much higher workload and previously unknown challenges,” comments PayFit CEO and co-founder Firmin Zocchetto.

“They have had to deal with various issues: from supporting the company's management with the implementation of remote work policies to ensuring employee wellbeing through new initiatives."

Launched in 2016 PayFit raised €5 million from Xavier Niel and The Family in 2016, €14 million from Accel in 2017 and a further €70 million from Eurazeo and BpiFrance in 2019. They currently count Revolut, Starling Bank, and Treatwell amongst their client base.