France-based PayFit, which simplifies payroll management and core HR processes for small to medium-sized businesses, has raised 14 million euros in Series B funding. Accel led the round with participation from Xavier Niel and Otium Venture.
Paris, July 6 2017 – PayFit, which simplifies payroll management and core HR processes for SMBs, announces that it has closed a €14 million Series B investment led by global venture capital firm Accel, with participation from Xavier Niel and Otium Venture.
Founded just one year ago, the startup has grown to have more than 600 clients and a team of more than 40 employees. This round will enable PayFit to continue to expand its suite of digital HR processes, kickstart its international expansion, with an initial focus on Europe, and double its workforce by 2018.
PayFit’s ambition: become the go-to solution to manage core HR and payroll processes for SMBs in Europe
PayFit drastically simplifies payroll management, which can be complex, expensive and time consuming for businesses of all sizes, particularly SMBs in countries with complicated labor laws. PayFit’s Software-as-a-Service solution is fast, intelligent, intuitive and automated. It allows employers to easily manage payroll on their own, saving time and money, and comply with local labor laws without having to be a payroll expert.
PayFit is constantly adding new features to complement its payroll offering. Recent additions include expense management, holiday and leave management, payroll taxes and onboarding tools among others. Over the coming months, more new features will be rolled out, including organizational charts, subsidiary management, schedule management and secure storage.
PayFit’s ambition is to meet all the core HR and payroll needs of SMBs undergoing a digital transformation.
Accelerating internationalization – first step: Europe
The startup is planning to launch internationally with an initial focus on Europe. Rollout will begin with Spain, Italy, Germany and the United Kingdom. Markets with labor laws that can be as complex as those in France are a particular focus, as PayFit can bring significant core HR and payroll improvements to local businesses. In each market, PayFit will launch a fully localised version of its solution, covering all relevant regulations.
“We are delighted Accel is joining the PayFit journey. With this new funding, we will be able to begin a new chapter and accelerate technologically and commercially, attracting larger companies. This funding gives us the fire power to quickly expand in the European market, where there is a significant opportunity for our technology due to the complexity in HR that certain countries face,” said Firmin Zocchetto, Co-founder and CEO of PayFit.
Philippe Botteri, Partner at Accel, said, “Payroll is core to any business and often hard to manage. PayFit is the only solution available for SMBs that is so easy to use it does not require any payroll expertise. This is why their solution has quickly gained the attention of companies in France and is well-positioned to expand across Europe and beyond.”
Launched in April 2016 by Firmin Zocchetto, Ghislain de Fontenay and Florian Fournier, PayFit digitizes and simplifies payroll management and HR processes for companies. Fast, intuitive and automated, the PayFit solution allows employers to easily manage payroll on its own, saving valuable time and money (usually spent on editing payslips, social statement support, expense reports, leave, insurance, employee benefits, etc.). Employees have access to a dedicated online space for payslips, leave requests, expense report entry, HR data, etc.
The company’s ambition is to support the digital transformation of business’s human resources through a reliable SaaS solution providing a unique experience to its users.
PayFit is experiencing hyper-growth, employing more than 40 employees including payroll experts and has already attracted almost 600 customers including Save, Lendix, Big Mamma, Heetch, Zenly and Sellsy.
To accelerate its development, PayFit raised €5m from Xavier Niel and other investors in October 2016 and €14m from the global investment fund Accel Partners in July 2017.
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Avito, BlaBlaCar, Cloudera, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.