France-headquartered fintech company PayFit has raised €90 million in series D funding to continue to simplify payroll and human resource management for all European small- and medium-sized enterprises.
The investment round follows PayFit’s 40% growth in 2020 and 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.
The latest investment will support PayFit as the fintech company gears up for a further 80% growth in 2021.
It aims to continue developing its HR solution, consolidate its existing offer and support its growth by increasing its headcount from 550 to 800 by the end of this year.
Launched in 2016, PayFit aims to facilitate complex and time-consuming payroll and HR tasks via software-as-a-service.
Founded by Firmin Zocchetto (chief executive officer), Ghislain de Fontenay (chief technology officer) and Florian Fournier (chief product officer), PayFit raised €5 million from Xavier Niel in 2016, €14 million from Accel in 2017 and a further €70 million from Eurazeo and BpiFrance in 2019.
PayFit operates in France, Germany, Spain, Italy and the UK, and currently has 550 employees supporting 5,000 companies in managing their payroll and human resources.