PayFit raises $289 million

PayFit, which provides payroll and HR management solutions for SMEs, is France’s latest unicorn. The startup closed a $289 million Series E round at a post-money valuation of $2.1 billion led by General Atlantic, with participation from existing investors Eurazeo, Bpifrance and Accel Ventures.

Founded in 2015, PayFit has over 6,000 clients and around 150,000 people currently get paid through the platform. The startup offers a variety of solutions such as payroll management, employee expenses, benefits, and more. One PayFit partner is YuLife.

Aside from France, PayFit also operates in Germany, Spain, and the UK.

“PayFit’s 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. At PayFit, 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.” – Firmin Zocchetto, CEO and co-founder of PayFit.

“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.” – Chris Caulkin, managing director and head of technology for EMEA at General Atlantic.