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European tech start up, Payfit announced earlier this week that they raised a €90 million (£77 million approx.) series D funding to continue our ambition to simplify payroll and human resource management for all European SMEs.
The investment round follows their 40% growth in 2020 and has been led by Eurazeo Growth, Large Venture and BPI France with participation and support from existing investors including Accel, Frst and French billionaire Xavier Niel. This latest investment will support us as we gear up for a further 80% growth in 2021.
The latest investment will enable us to continue developing our comprehensive HR solution, consolidate our existing offer and support our hypergrowth by increasing our headcount from 550 to 800 by the end of this year.
In the “HR in everyday life” survey published in 2020, HR professionals claim to devote at least half of their working time to administrative tasks. The COVID-19 pandemic has highlighted the importance of digitalising administrative processes, particularly those that sit within HR.
Our co-founder and CEO, Firmin Zocchetto, explains: “As a result of the pandemic, HR professionals have faced a much higher workload and unfamiliar challenges. They have had to deal with various issues, including supporting the company’s management with the implementation of remote work policies and ensuring employee wellbeing through new initiatives.”
For HR teams, the digitisation of admin tasks presents an opportunity to focus on more high-value activities – e.g. employee training, career progression and learning and development initiatives.
With over 24 million SMEs in Europe, there is an exciting opportunity for us to help and support businesses optimise their payroll and HR processes. “There are still tens of millions of SMEs that want to go digital. The market is huge, and our ambition remains the same: to become the point of reference for payroll and HR management for all SMEs.”
Although we already centralise payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information, we intend to use the latest funding round to develop new and exciting features within our platform, particularly within our Human Resources Information System (HRIS) module.
This will include new features such as weekly meetings and feedback surveys that will positively impact their employees’ lives by boosting engagement and closing the gap between managers and employees. Ultimately, our goal is for HR professionals to manage all HR and payroll functions under one roof.
The new developments will be carried out both internally and through integrations with other digital players. These partnerships will help our customers digitalise and support the entire HR ecosystem within their company.
For this to happen, we plan to recruit up to 250 new employees this year, focusing predominantly on product teams. This will take us over the 800 employee mark and there are plans for us to grow our headcount by a further 25% in 2022. “All of our clients do their payroll on our solution, but not all of them manage their HR with us. Having additional HR modules will help our clients to become increasingly digital, more efficient and support their growth”.
Launched in 2016, PayFit is a French startup that aims to facilitate complex and time-consuming payroll and HR tasks via SaaS.
Founded by Firmin Zocchetto (CEO), Ghislain de Fontenay (CTO) and Florian Fournier (CPO), PayFit raised €5 million from Xavier Niel and The Family in 2016, €14 million from Accel in 2017 and a further €70 million from Eurazeo and BpiFrance in 2019.
PayFit operates in five European countries (France, Germany, Spain, Italy and the UK) and currently has 550 employees supporting 5,000 companies in managing their payroll and human resources.