A European HR technology firm is aiming to treble revenues in the UK following a 拢77 million Series D funding round.听
PayFit, which only secured a 拢60m Series C last year,听aims听to simplify payroll and human resource management for all European SMEs.听
Founded in 2016, it now serves more than 5,000 SMEs with 100,000 employees using the solution 鈥� including听Revolut听and Starling Bank 鈥� in France, Germany, Spain, Italy and the UK.听听
The company has 550 employees in its offices in Paris, Berlin, Barcelona and London, with 25 currently in the UK.听
UK country manager听Nick Miller听said the scale-up 鈥� headquartered in听Paris听鈥� has听hundreds of clients across the UK and been tripling听it growth here听year on听year.听
鈥淭he听UK is one of the largest markets for number of SMEs in Europe with a high level of digitisation, making it a great market to grow and expand听笔补测蹿颈迟鈥檚听brand,鈥� he tells听老九品茶Cloud.听听
鈥�As an English-speaking country, UK can act as a gateway to other听opportunities听and it helps cement our position as a听European-leader.听听
鈥�We plan on tripling our revenues听[in the UK]听in 2021.鈥�听听
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The investment round follows the company’s 40% growth in 2020 and has been led by Eurazeo Growth, Large Venture and BPI France with participation and support from existing investors including Accel,听Frst听and French billionaire Xavier Niel.听听
PayFit听is gearing for a further 80% company growth in 2021.听听
The latest investment will enable听PayFit听to continue developing its comprehensive HR solution, consolidate its existing offer and support its hypergrowth by increasing its headcount by 50% to 800 in 2021.听
Firmin听Zocchetto, CEO and co-founder of听PayFit,听said:听“As a result of the听[COVID-19]听pandemic, HR professionals have faced a much higher workload and previously unknown challenges.听听
鈥�They have had to deal with various issues: from supporting the company’s management with the implementation of remote work policies to ensuring employee wellbeing through new initiatives.听
“There are still tens of millions of SMEs that want to go digital. The market is huge, and our ambition remains the same: to become the point of reference for payroll and HR management for all SMEs.鈥�听
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PayFit听already centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information.听听
Above and beyond standard HR and payroll functions, the company also provides relevant data analysis to identify gender pay gaps in organisations.听听