French startup PayFit is collecting a $ 79 million (EUR 70 million) round of financing from Eurazeo and Bpifrance. The company initially started with a payroll service for small and medium-sized businesses in France. It has become a comprehensive HR solution for several European countries.
PayFit uses a Software as a Service approach that enables small businesses to easily manage payroll and HR information through a web browser. Everything stays up to date and complies with labor law.
After you enter information about your employees, PayFit automatically generates monthly pay slips. Your employees will receive an email when their payrolls are done. When someone receives a pay raise, they can connect to their PayFit account and change an amount for all future pay slips.
When it comes to payroll, the service will automatically remind you when and how much you should pay. You can also generate exports for your accountant, view reports about your employees, and so on.
And PayFit does not want to be stuck with payroll. You can also manage absences and absences, expense reports, and shifts. It makes sense to build these tools in-house because they directly affect your payroll.
To approve expense reports and vacation days, PayFit also lets you create an organizational chart and decide who manages whom.
While it's easy to build an HR giant in the US, it's more complicated in Europe because labor laws vary greatly from country to country. However, the startup has managed to start its service in France, Spain, Germany and the UK ̵
There are 3,000 businesses relying on PayFit and 300 employees working for the company. With today's funding round, PayFit plans to double its workforce by 2020.