France-based PayFit has raised $15.9m for its Series B funding round led by Accel.
Other backers to the round included Xavier Niel and Otium Venture.
The digital payroll solutions provider enables SMEs to quickly and easily pay its employees, which also offers simple ways to process pay slips and holiday pay. PayFit completes social declarations and expense reports, as well as having support experts on standby to answer any queries.
Since the company was founded last year, it has been making regular additions to its platform, including payroll taxes and onboarding management tools. New offerings set to be released include organisational charts, subsidiary management and secure storage.
With the capital, PayFit will expand outside of France to countries including Spain, Italy, Germany and the UK. This investment will also be used to increases its suite of HR processes and double its team of 40 by 2018.
Accel Philippe Botteri partner said, “Payroll is core to any business and often hard to manage. PayFit is the only solution available for SMBs that is so easy to use it does not require any payroll expertise. This is why their solution has quickly gained the attention of companies in France and is well-positioned to expand across Europe and beyond.”
This investment round brings the company’s total funding to around $20m, with the firm picking up a $5m investment late last year.
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