Digital payroll and human resource management firm PayFit has raised a €90 million series D funding.The investment round in the French fintech follows 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.
Aimed at the small business market, Payfit’s platform automates everything from HMRC RTI submissions and payslips to employee leaves and expenses. It also provides analytics to help identify the cost of labour and gender pay differentials.
Since being founded a little over five years, the company now serves over 5,000 SMEs with 100,000 employees using its platform, including Revolut, Starling Bank and Treatwell.
The company says the latest investment will be used to increase headcount from 550 to 800 and help it to achieve a target of 80% growth over the coming year.
Source: Finextra
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