PayFit secures unicorn status with €254m Series E funding round
PayFit, a French startup that specialises in payroll and HR management solutions for SMEs, has raised €254 million in a Series E funding round and reached €1.82 billion in valuation.
General Atlantic led the round, with participation from existing investors Eurazeo, Bpifrance and Accel Ventures.
PayFit plans to use the funds to recruit new team members, accelerate the development of new products, and increase its market share across Europe.
The company’s proprietary technology platform enables HR managers, finance managers and business owners to conduct payroll calculations in markets with complex regulatory requirements.
Since its founding in 2015, PayFit has gained over 6,000 clients, and has raised €179 million to date
It has expanded into three additional European markets – Germany, Spain, and the United Kingdom – and plans to scale from more than 700 current employees to over 1,000 within the next 12 months.
Firmin Zocchetto, CEO and Co-founder, PayFit, says: “Our expansion beyond France into the UK, Spain and Germany demonstrated further validation of our innovative offering and our capacity to scale up.”
“As we look ahead, we plan to use these new funds to deepen our presence in our existing markets, where we have significant growth potential.”
“We are proud to have built a company with strong foundations, where people are happy to work and that can have a real impact on our clients. This Series E funding will allow us to maintain the rapid growth we have achieved since our founding.”
Chris Caulkin, Managing Director and Head of Technology for EMEA at General Atlantic, comments: “PayFit has built an innovative and disruptive product supporting the payroll and HR management needs of SMBs across Europe.”
“We see great opportunities ahead for the company as it extends its product offering and continues to capture market share in France and across Europe. We are delighted to support PayFit and its management team in this next chapter of growth.”
