PayFit unveils a new receipt capture feature

French FinTech PayFit has been busy since raising €70m in 2019, which is evident by its latest release.

The payroll and HR platform has unveiled a new receipt capture function to make it easier for employees to submit their expenses by scanning their receipts.

Once the worker has either snapped a picture of the receipt or added it manually, the text is then read automatically and all the mandatory data field entries are filled for the purpose of creating the expense. Once the expense has been validated by a manager, the outstanding amount will be automatically added to the payslip for the current month.

“We’re constantly looking at ways to automate manual tasks so that employees can focus on areas where they can add the most value,” said Nick Miller. UK manager at PayFit. “Recording expenses is a hugely time consuming process, and so many small-to-medium-sized businesses lose hours scanning receipts and manually amending payslips. We want businesses to spend that time elsewhere: on growing their team, taking care of their employees, and creating a fulfilling place to work. That’s why we invent tools that make HR easier.”

PayFit set up shop in the UK in September.

The company is an example of how France is becoming a FinTech tour de force. The industry has grown tremendously over the past five years. In 2019, a record $848.2m was invested into French FinTech firms, according to FinTech Global’s data. Between 2015 and 2019, a total of $1.8bn has been injected to French FinTechs, with investment increasing at a 45.6% compound annual growth rate in this period.

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