PayFit raises €70m from European investors

French payroll and HR platform PayFit has raised €70m in a funding round led by Eurazeo and Bpifrance

Eurazeo used its Large Venture fund to back the business and was joined by existing investors Accel, Frst (formerly Otium Venture) and Xavier Niel.

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.

PayFit’s platform is used by more than 3000 small and medium sized business in European countries such as France, Spain, Germany and the UK.

The company will use the proceeds of the new round to develop its HR solution, it said in a release. The Paris-based company is set to open its Italy office in 2020 and has also planned to increase its employee headcount to 1000 by the end of 2021.

The company previously raised $15.9m in its Series B round in 2017 led by Accel and $5.6m in a funding round in 2016 from angel investors and Paris accelerator The Family.

Earlier this year, Eurazeo led a $60m Series C round for automated digital experience insights platform Contentsquare.

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