PayFit, the payroll and HR management solution for SMEs, recently announced its Series E funding round for value of 254 million euros. General Atlantic, one of the main growth capital companies, has led the round, with the participation of historical investors Eurazeo, Bpifrance and Accel Ventures. PayFit plans to use the funds to recruit new talent, speed up the development of innovative new features and increase its market share across Europe. With this round of financing, PayFit is valued at 1,820 million euros, officially becoming a unicorn.
PayFit’s mission is to simplify payroll and human resources management, which has become even more important in the context of the COVID-19 pandemic and the many complexities it has introduced into businesses as a result. in terms of human capital management. The company offers a technological solution for the automatic generation of payroll and digitization of time-consuming HR processes, especially for the segment of small and medium-sized companies and micro-SMEs, whose market does not offer them the tools they need in terms of resources humans.
PayFit’s proprietary technology platform enables HR managers to easily perform payroll calculations in markets with increased legal complexity, a key differentiator amid the rise of HR technology.
PayFit will leverage its Series E funding round to deepen its penetration in existing markets, invest in its core automated payroll software offering and continue to expand its human resource management solution, complementing the solution with enhancements to the absence, vacation, professional expense module, the launch of a new interview space, and many more features and integrations that will be launched in 2022 to cover all customer needs at 360º.
The company focuses on Spain in 2022, the first country in which PayFit decided to internationalize and the second market with the highest turnover. The growth potential that exists in the Spanish market is clear and the plans that the company has to achieve it are set. A new office to welcome more than 100 new jobs that will be incorporated into PayFit Spain during 2022. The company is committed to human capital as a growth engine.
In addition, being able to offer an improved solution will allow PayFit’s revenues to be multiplied by 3 in Spain, one of the company’s objectives in 2022. The development of new features highly demanded by the market, such as the digital signature, the new HR modules to know the well-being of employees and perform performance evaluations, an even more intuitive automated creation of payroll or new integrations with other HR SaaS will allow them to satisfy new needs that they have detected in their clients.
Yoann Arthur, Country Manager of PayFit Spain states: “Being able to count on more talent will allow us to create an even more complete product and offer our excellent labor advice to even more companies. There are still many SMEs in Spain that PayFit can help to go digital”.
