PayFit offers a payroll and HR software-as-a-service platform that automates payroll generation, compliance updates, and HR admin for small and medium companies. The product targets employers and admin specialists, with features for vacation management, onboarding, time sheets and employee expenses, and an annual performance-review feature coming soon. PayFit is focused on deepening penetration in four core markets—France, the U.K., Germany and Spain—before opening in new countries, and plans to diversify its product offering, integrate with more third-party products, and improve customer service. The company reports about 6,000 client companies (roughly 80% in France) and says around 150,000 people are paid through its platform. PayFit has roughly 700 employees across offices in Paris, Berlin, Barcelona and London. Financially, its annual recurring revenue grew 70% in 2021. PayFit builds a payroll and HR software-as-a-service platform that automates payslip generation, payroll exports to accounting software, and payment lists for pensions and insurance. The platform also handles time-off requests, hourly time tracking with manager approvals, expense and receipt management, employee bank details, and an employee directory with onboarding flows. PayFit positions itself as a simpler, SME-focused alternative to large enterprise HR systems by keeping regulatory updates handled within the service. The company serves 5,000 clients covering 100,000 employees (about 20 employees per client on average). PayFit is live in France, Germany, Spain, Italy and the U.K. It has 550 employees and planned to hire another 250 employees in 2021 to support growth. PayFit began as a payroll service for small and medium companies and has expanded into a full HR solution available in multiple European countries. Its web-based platform automates payroll tasks such as generating monthly pay slips, notifying employees, applying raises, reminding employers about payroll taxes, and producing exports and reports for accountants. The product also manages absences, leaves, expense reports, shifts and includes organizational charts to manage approvals. PayFit has launched in France, Spain, Germany and the U.K., with Italy planned next. The company developed an internal programming language called Jetlang to transform labor code into computer code. As of the article, 3,000 companies rely on PayFit and it employs 300 people; with the new funding it plans to double headcount by 2020. PayFit provides a simple web interface to handle payroll and related administrative tasks for companies, replacing third-party firms or manual HR processes. The product can produce legally compliant paychecks, wire salaries, and notify authorities about healthcare and retirement status. Employees can access past paychecks and work contracts, and the platform also supports expense management, holiday tracking, and vacation requests. The company is developing additional features including organizational charts, subsidiary management, schedule management, and secure storage. PayFit serves 600 companies, employs 40 people, and plans to hire another 40. With the new funding it intends to expand beyond France into other European markets such as Spain, Italy, Germany and the U.K. PayFit builds payslip processing and payroll automation technology for small businesses, letting employees manage timesheets, employment contracts, insurance and benefits. The product is positioned to save companies time and money by reducing reliance on accountants and administrative costs. The company launched in France in April and has gathered more than 250 customers since then. Cofounder Firmin Zocchetto said the startup intends to expand its services into more European countries. The startup has raised external capital to fund international expansion and further develop its payslip processing tech. Otium Venture highlighted the reliability of the technology, saying it eliminates the risk of error.

Total raised

$495M

Funding rounds

5

Latest round

Series E

Latest activity

Jan 2022