Monday, June 24

France based Saas Startup Payfit Raises $79 million

French startup Payfit raises $79 million funding from Eurazeo and Bpifrance. The funding will use to double its workforce by 2020.

Founded in 2016 by Firmin Zocchetto (CEO), Ghislain de Fontenay (CTO) and Florian Fournier (CPO), PayFit raises $5.6 million from Xavier Niel and The Family in 2016 and $15.7 million from Accel in 2017.

After today’s round, the total funds will be more than $100 million.

PayFit a software-as-a-service-based platform automates everything from RTI submissions and employee payslips to leaves and expenses.

The company allows small and medium enterprises to easily and quickly pay their employees.

The company now provides full-fledged HR solutions to 3000 clients based in multiple European countries.

Hire around 300 people, Payfit developed its own programming language to transform labor code into computer code.

Building HR service tool in France is much more complicated due to the tough labor laws but Payfit manages it very well.

How Payfit Works?

Payfit, a SaaS-based HR tool save your employees data, so the next time once you enter information about your employee, PayFit automatically generates pay slips and send it to the employee on mail.

HR can make changes in the tool manually and When it comes to payroll taxes, the service automatically reminds you when you have to pay them and how much you’re supposed to pay. You can also generate exports for your accountant, see reports about your staff, etc.

Payfit also manages absences, leaves, shifts, etc. The tool is easy to use and provides the best automation service in the HR industry.