PayFit raises 254 million euros to become the last unicorn in France

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The funding will be used to hire 400 new employees at PayFit offices in Paris, Berlin, Barcelona and London.

PayFit, a Paris-based software company that aims to simplify payroll and human resource management for SMBs, has raised € 254 million in a Series E funding round announced today ( January 6).

The latest funding values ​​PayFit at 1.82 billion euros, making it the last unicorn in France and one of the first in Europe in 2022.

Since the start of the pandemic, companies have been hiring more employees around the world with the option of working from home. This has led to new complexities in payroll and human resource management that are often difficult to overcome for small teams.

PayFit aims to help these businesses by automating manual tasks and streamlining payroll and HR systems – with the goal of saving SMEs time and money, allowing them to focus on growing their business.

The new financing was led by New York-based investment firm General Atlantic with participation from existing investors Eurazeo, Bpifrance and Accel. It will be used to add 400 new employees to the PayFit team over the next year, invest in new product development and increase PayFit’s market share in Europe, home to around 24 million SMEs.

PayFit extension

Since its creation in 2015, PayFit has won over 6,000 customers and has expanded beyond France to Germany, Spain and the United Kingdom. It currently has 700 employees in its offices in Paris, Berlin, Barcelona and London.

“The expansion of PayFit beyond France to the United Kingdom, Spain and Germany has demonstrated further validation of our innovative offer and our ability to evolve,” said Firmin Zocchetto, co-founder and CEO by PayFit.

“As we look to the future, we plan to use these new funds to deepen our presence in our existing markets, where we have significant growth potential,” he added.

In 2020, Pierre-Alain Bouchard, then Vice President of Engineering at PayFit, told SiliconRepublic.com that the “consumerization” of HR, along with advances in big data and machine learning, is changing the face of the payroll industry. “As they mature, they give us new sets of tools with which to refine our customer experiences,” he said.

Last year, Europe dominated the world in a global unicorn tech boom, and France was no exception to the trend. Sorare, Ledger, Shift Technology and Vestiaire Collective, among others, all crossed the billion dollar valuation mark in 2021 to become one of France’s most prominent start-ups.

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