PayFit raises €90m to expand HR and payroll management offering for European SMEs

European HRtech firm PayFit has secured a €90m series D funding to enable the scaleup to pursue its ambition to simplify payroll and human resource management for SMEs across Europe.

The investment round follows the company’s 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.

The latest investment will enable PayFit to continue developing its comprehensive HR solution, consolidate its existing offer and support its hypergrowth by increasing its headcount by 50% to 800 in 2021.

Founded in 2016, PayFit now serves more than 5,000 SMEs with 100,000 employees using the solution – including Revolut, Starling Bank, Treatwell, and others – in France, Germany, Spain, Italy and the UK. The company has 550 employees in its offices in Paris, Berlin, Barcelona and London.

Firmin Zocchetto, CEO and co-founder of PayFit, explains: “As a result of the pandemic, HR professionals have faced a much higher workload and previously unknown challenges. They have had to deal with various issues: from supporting the company’s management with the implementation of remote work policies to ensuring employee wellbeing through new initiatives.”