Payroll automation start-up PayFit achieves unicorn status after €254m Series E
France-based payroll and HR automation start-up PayFit has raised €254 million in a Series E funding round, making the paytech a unicorn.
In March 2021, PayFit secured €90 million in a Series D funding round. The previous funding round closed in 2019, with €70 million.
Previous investors Eurazeo Growth, BPI France and Accel participated in the latest round alongside new investor General Atlantic.
Announcing the funding round, PayFit says it has “big goals” for 2022, including strengthening its payroll solution and simplifying its payroll and HR processes for SMEs across Europe.
The company also signaled it wants to continue to provide the “best customer support and expertise to our customers” and hire 400 new employees across France, Germany, Spain and the UK.
The company’s tech centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information. It also provides relevant data analysis to identify gender pay gaps in organisations.
Founded in 2016, PayFit counts Revolut, Starling Bank, and Treatwell among its customer base and operates in France, Germany, Spain, Italy and the UK.
PayFit has offices in Paris, Berlin, Barcelona and London.