PayFit raises £77M, bullish to grow its team in London

PayFit is a French HRtech startup that aims to facilitate complex and time-consuming payroll and HR tasks. The leader in HR and payroll management for SMEs has hit the headlines as it bagged €90 million (nearly £77 million) funding.

This investment comes soon after the 40% growth that follows PayFit achieved back in 2020. The investment round was led by Eurazeo Growth, Large Venture and BPIFrance along with existing investors including Accel, Frst and French billionaire Xavier Niel. PayFit is gearing for a further 80% company growth in 2021.

The latest funds will let PayFit continue developing its comprehensive HR solution, consolidating its existing offer and support to hypergrowth. This is possible as the company intends that to increase its headcount by 50% to 800 and 1,000 by the end of 2022.

As of now, PayFit serves over 5,000 SMEs with 100,000 employees using the solution. These include Revolut, Starling Bank, Treatwell, and others across locations including France, Germany, Spain, Italy and the UK. Already, there are 550 employees in its offices located in Paris, Berlin, Barcelona and London. So, it will hire fresh talent to work at these offices.

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