PayFit raises £77M, bullish to grow its team in London
PayFit is a French HRtech startup that aims to facilitate complex and time-consuming payroll and HR tasks. The leader in HR and payroll management for SMEs has hit the headlines as it bagged €90 million (nearly £77 million) funding.
To grow its team in London and elsewhere
This investment comes soon after the 40% growth that follows PayFit achieved back in 2020. The investment round was led by Eurazeo Growth, Large Venture and BPIFrance along with existing investors including Accel, Frst and French billionaire Xavier Niel. PayFit is gearing for a further 80% company growth in 2021.
The latest funds will let PayFit continue developing its comprehensive HR solution, consolidating its existing offer and support to hypergrowth. This is possible as the company intends that to increase its headcount by 50% to 800 and 1,000 by the end of 2022.
As of now, PayFit serves over 5,000 SMEs with 100,000 employees using the solution. These include Revolut, Starling Bank, Treatwell, and others across locations including France, Germany, Spain, Italy and the UK. Already, there are 550 employees in its offices located in Paris, Berlin, Barcelona and London. So, it will hire fresh talent to work at these offices.
Increased adoption of digitisation
During the COVID-19 pandemic, the importance of digitising administrative tasks have gained traction. As per the European Economic and Social Committee, there are over 24 million SMEs in Europe. As there is a priority to digitise the administrative tasks, it is an opportunity for PayFit to strengthen its position in the market. With HR teams, digitisation of admin tasks presents an opportunity to focus on more high-value activities, including employee training, career progression and learning and development initiatives.
Firmin Zocchetto, CEO and co-founder of PayFit, explained, “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.”
Developing new HR functionalities
Founded in 2016 by Firmin Zocchetto, Ghislain de Fontenay and Florian Fournier, PayFit already centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information. Besides standard HR and payroll functions, the company also provides relevant data analysis to identify gender pay gaps in organisations.
The PayFit’s Human Resources Information System (HRIS) module has many new features. It handles weekly meetings and feedback surveys and will help companies positively impact their employees’ lives by boosting engagement and closing gaps between managers and employees. Also, HR professionals will be able to manage all HR and payroll functions in one easy-to-use platform.
The new developments will be carried out internally and through integrations with other digital players. These partnerships will help Payfit’s customers digitise and support the entire HR ecosystem within a company.