– FRANCE, Paris – Payfit today confirmed that the company has raised a new funding round of €70 million, taking total funding raised to €89 million in total. Eurazeo and Bpifrance have led the latest round of investment, which also includes participation from prior investors Accel, Frst and Xavier Niel.
PayFit is pursuing its ambition to simplify human resources management for all SMEs in Europe. By digitalizing these administrative and time-consuming tasks, PayFit frees up time for employers and employees, affording more time for the professional development of the employees of the SMEs that use PayFit.
Three years after launch, PayFit now serves over 3000 SMEs in France, Spain, Germany, and UK, and has 300 employees in its offices in Paris, Barcelona, Berlin, and London. The new round of funding will enable PayFit to continue developing its HR solution, open further offices in Europe, and double its workforce to 600 people in 2020, and then to 1000 in 2021.
PayFit now supports more than 3000 SMEs in France, Spain, Germany, and the UK; but the company does not intend to stop there. European expansion will continue in 2019 with the opening of Italy, and the UK team will soon add an experienced Head of Country.
PayFit is able to enter new markets easily and confidently thanks to Jetlang, the programming language created by PayFit. Jetlang allows PayFit’s product to be easily adapted to the legal complexities of each country. For example, the Spanish solution was built in eight months, the German in six months and the English in four months. The objective is now to offer a successful solution to conquer a new market in only three months.
Firmin Zocchetto, CEO and co-founder of PayFit, said: “This is certainly PayFit’s biggest challenge: recruiting the right people at the right time, without compromising on excellence and shared values. We are looking to strengthen all the teams: technical, product, sales, support, marketing… We are therefore looking for a wide variety of profiles,”
A YouGov study conducted for PayFit in April 2019 shows that only 44% of European employees say they have used a digital human resources management tool in their companies. Meanwhile, the survey demonstrated 91% of European employees who have used a digital HR tool think it’s necessary for the good management of a company, and to save time. Digitization is a process and is far from complete.
Firmin Zocchetto, added: “This is only the beginning of the adventure: Europe brings together tens of millions of SMEs that want to digitalize themselves. It is an incredible market, and our ambition is to become the benchmark in payroll and human resources management for these SMEs.”
The solution is constantly developing, and now centralizes payroll, social declarations, absences and leave, expense reports, integration of new employees, employee directories, etc. Modules for annual interviews, talent, and career management, etc., will complete the solution.
Yann du Rusquec, Managing Director of Eurazeo Growth, said: “PayFit trajectory since its launch and its extraordinary potential for the coming years make it one of the most beautiful start-ups in Europe. We are very proud to associate Eurazeo Growth to this great adventure and we are delighted to contribute to PayFit success alongside the management team and other shareholders. “
Nicolas Herschtel, Deputy Director of Bpifrance’s Large Venture Fund, adds: “We are very pleased to take part in this important step in PayFit’s development and to support the management team in its growth project, in the service of the digitalization of SMEs, a mission dear to Bpifrance, whose core business is to stimulate the growth potential of French SMEs. We will, therefore, be fully mobilized to support PayFit in this common ambition. “
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