French fintech startup PayFit lands €5 million in new funding

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.

	\[dealroom\_widget entity\_id="payfit"\]

Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.