PayFit acquires unicorn status following a USD 289 Mn Series E funding
Category: #headlines  | By Nikita Chaurasia  | Date: 2022-01-08 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

PayFit acquires unicorn status following a USD 289 Mn Series E funding

France-based payroll startup PayFit has reportedly secured USD 289 million in the latest Series E funding round, reaching a total valuation of USD 2.1 billion and acquiring the unicorn status. The latest fundraising was led by General Atlantic and included some existing investors such as Bpifrance’s Large Venture Fund, Eurazeo, and Accel.

For those unaware, PayFit has been developing a payroll and HR software-as-a-service platform for small and medium businesses. Although the French startup is only available in a few European countries, it has employed over 150,000 people.

PayFit intends to use the fresh capital to diversify its product offering, integrate with other third-party services, and improve its customer service in Paris, Berlin, Barcelona, and London. The platform is currently being used by at least 6,000 businesses, of which 80% are based in France. Other customers include Spain, Germany, and the United Kingdom.

Firmin Zocchetto, the co-founder & CEO at PayFit was quoted saying that the company’s annual recurring revenue has climbed by 70% in 2021. PayFit intends to offer the same benefits to smaller companies that would be found among larger corporations, the CEO explained.  

Interestingly, PayFit has a distinctive product advantage over other solutions since it does not require users to be payroll experts or work for an accounting company. However, the startup ensures that businesses stay compliant while concealing the complexity.

PayFit has several tools to help users manage vacation leaves, onboarding, timesheets, and expenses for enterprise employees. The platform will soon include a feature for managing annual performance reviews as well.

It is also worth mentioning that PayFit is part of a group of companies that are revolutionizing the admin stack. Qonto and Alan, are two firms working on upgrading back-end solutions, in which Qonto provides bank accounts to small businesses, whereas Alan provides health insurance to companies.

Source Credit:

https://techcrunch.com/2022/01/05/payroll-startup-payfit-is-frances-latest-unicorn-as-it-raises-289-million/

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

PM Liz Truss to launch comprehensive review of UK’s visa policy

PM Liz Truss to launch comprehensive review of UK’s visa policy

By Nikita Chaurasia

Newly appointed Prime Minister Liz Truss is considering doing a complete review of Britain's visa system, as the nation struggles with severe labor shortages in vital industries. Business leaders across the UK have reportedly praised the decision...

UAE: Entrepreneurs and investors can benefit from visa reforms

UAE: Entrepreneurs and investors can benefit from visa reforms

By Nikita Chaurasia

The visa and business reforms by the UAE will open new prospects for investors, entrepreneurs, IT specialists, job seekers, and tourists, according to credible sources. This will reportedly benefit the region’s economic growth. Business Link...

Flipkart introduces new tech and design upgrades ahead of holiday season

Flipkart introduces new tech and design upgrades ahead of holiday season

By Nikita Chaurasia

Flipkart, India's indigenous online marketplace, is reportedly offering customers an improved shopping experience on its widely popular app. To better serve various client groups that are exploring e-commerce during the holiday season, Flipkar...