Payroll platform PayFit collects €90m Series D funding

PayFit, which aims to simplify payroll and human resource management for all European SMEs, has collected €90m in its Series D round.

The round was led by Eurazeo Growth, Large Venture and BPI France, with contributions coming from Accel, Frst and French billionaire Xavier Niel.

Equity from the round will be sued to further PayFit’s producte development and increase its headcount by 50% to reach 800 by the end of the year.

Its goal is to hit 80% company growth in 2021.

Founded in 2016, the company offers an integrated payroll and HR management software. Its features include payroll management, reporting, benefits, pension submissions, expenses, onboarding, leaves and absences and more.

It serves over 5,000 SMEs with 100,000 employees using the tools, including Revolut, Starling and more. PayFit is used in France, Germany, Spain, Italy and the UK.

The company is looking to release new features, including tools weekly meetings and feedback surveys, which it hopes will enables companies to positively impact their employees’ lives.

PayFit CEO and co-founder Firmin Zocchetto said, “As a result of the pandemic, HR professionals have faced a much higher workload and previously unknown challenges. They have had to deal with various issues: from supporting the company’s management with the implementation of remote work policies to ensuring employee wellbeing through new initiatives.”

The FinTech previously raised €70m in 2019.

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