PayFit, an HR tech startup based in France, has closed a $107 million Series D funding round (€90 million).
The startup, which is creating payroll and HR SaaS platform, drew investment from Eurozeo Growth, Large Venture, and BPI France.
PayFit’s round was also supported by several well-known European tech investors including Accel and French billionaire Xavier Niel.
“The latest investment will enable us to continue developing our comprehensive HR solution, consolidate our existing offer and support our hyper-growth by increasing our headcount from 550 to 800 by the end of this year,” the company said in a statement.
PayFit’s platform allows organizations to manage their payroll on a web-based browser and to automate several key steps including the ability to automate payroll generation and export payroll data to an existing accounting software.
A recent report by McKinsey highlighted that automation and artificial intelligence would play a key role in the post-pandemic workplace and with many HR teams spending a considerable chunk of time on administrative tasks, the need to go digital has never been greater.
Firmin Zocchetto, PayFit’s co-founder and CEO, said: “As a result of the pandemic, HR professionals have faced a much higher workload and unfamiliar challenges. They have had to deal with various issues, including supporting the company’s management with the implementation of remote work policies and ensuring employee wellbeing through new initiatives.”
If anything, highlights the need for payroll providers — established or otherwise — to produce products that can help liberate HR tech teams from menial tasks.
PayFit, which launched in 2016, is targeting the SME market. “There are still tens of millions of SMEs that want to go digital. The market is huge, and our ambition remains the same: to become the point of reference for payroll and HR management for all SMEs,” Zocchetto concluded.
PayFit, which is now funded to the tune of $208 million, is currently operating in France, Spain, Germany, UK, and Italy.