Parisian SME-focused payroll and HR management solution PayFit has raised €254 million in a Series E funding round and is now a card-carrying member of the unicorn club at a valuation of €1.82 billion. The new funds are expected to drive PayFit’s ongoing recruitment efforts, keep the product development fires hot, and garner new clients. Since 2016, the startup has raised approximately €433 million over six rounds.
With over ~24 million SMEs across Europe, many of which have been hit hard by the global pandemic, one of PayFits’ goals is to simplify human capital management and automate as many HR procedures and protocols as possible. Now if you’re thinking that you’ve heard this before, you’d be right, however, one of PayFit’s USPs lies within its ability to run payroll calculations in markets with complex regulatory requirements and remain 100% compliant.
Ultimately, by automating a number of administrative tasks, HR pros are then freed up to focus on more high-value activities including employee training, career progression, and learning and development initiatives.
PayFit has established a market presence in France, Germany, Spain, and the United Kingdom, with 700 staff members (a number the company aims to increase to 1,200 before years’ end) supporting over 6,000 clients.
Co-founder and CEO Firmin Zocchetto commented, “PayFit’s expansion beyond France into the UK, Spain, and Germany demonstrated further validation of our innovative offering and our capacity to scale up. As we look ahead, we plan to use these new funds to deepen our presence in our existing markets, where we have significant growth potential.”