France-based payroll and HR automation start-up PayFit has secured a €90 million series D funding. The previous funding round closed in 2019, with €70 million.
PayFit says the money will enable it “to pursue its ambition to simplify payroll and human resource management for all European SMEs”.
The Series D round was led by Eurazeo Growth, Large Venture and BPI France, with participation and support from existing investors including Accel, Frst and French billionaire Xavier Niel.
PayFit says it grew 40% in 2020 and is gearing for an 80% growth in 2021. It also plans to increase its headcount by 50% to 800 people this year, focusing on product teams.
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 now serves more than 5,000 SMEs with 100,000 employees using the solution – including Revolut, Starling Bank, and Treatwell – in France, Germany, Spain, Italy and the UK.
PayFit has offices in Paris, Berlin, Barcelona and London.