PayFit Notches About $108 Million For SMB Payroll Tech
PayFit landed €90 million (approximately $108 million) in Series D funding to further its aim to streamline payroll and human resource management for every European small to medium-sized business (SMB), according to a Wednesday (March 17) announcement.
BPI France, Large Venture and Eurazeo Growth headed up the investment round, which saw participation and support from current investors such as Frst, Accel and billionaire Xavier Niel, according to the announcement.
PayFit, which rolled out in 2016, is a French startup that seeks to help with lengthy and intricate human resources (HR) and payroll work through Software-as-a-Service (SaaS).
The company says that the newest infusion will let the company keep building out its in-depth HR offering, “consolidate our existing offer,” and back its expansion by bolstering its headcount to 800 from 550 by the conclusion of 2021, according to the announcement.
Moreover, PayFit plans to harness the infusion to build out functionalities inside of its system, especially inside of its human resources information system (HRIS) module.
PayFit runs in the United Kingdom, Italy, Spain, Germany and France. The company presently has 550 staffers helping 5,000 firms in controlling their payroll and human resources, according to the announcement.
It notched €5 million (approximately $6 million) from Niel and The Family in 2016, €14 million (approximately $17 million) from Accel in 2017 and an additional €70 million (approximately $84 million) from BPI France and Eurazeo in 2019.
In January, HR technology firm Personio notched $125 million in a new and preemptive Series D funding round that provided the firm with a $1.7 billion value.
The infusion will accelerate further global expansion, assisting with the firm’s goal of “becoming Europe’s leading HR platform” for small to medium-sized businesses (SMBs).
Personio offers HR software for SMBs that have from 10 to 2,000 employees. Its software covers HR, recruiting and payroll. As it stands, Personio is helping more than 3,000 SMBs across Europe in achieving their potential by “digitizing and automating their people operations,” according to an announcement in January.