Payfit SAS

Based in France, Payfit SAS, also known as PayFiters, operates as a provider of payroll and employee management platform which helps small and medium enterprises to automate real-time information (RTI) submissions and payslips of their employees. At the 2019 VivaTech show, PayFit received the award of nest European unicorn in the B2B category for SMEs. The company was founded in 2015 by Ghislain, Firmin, and Florian with the idea of automating complicated payroll processes in France. PayFit serves over 5,000 SMEs in France, Spain, Germany, and the UK and has 500 employees located in offices in Paris, Barcelona, Berlin, and London.

The company raised Series A funding of €5 million from Otium Ventures, Xavier Niel, Jean-Daniel Guyot, and Oleg Tscheltzoff in 2016. Series B funding of €14 million was led by Accel Partners for international expansion in 2017. Series C funding of €70 million was raised from previous partners Accel, Frst (formerly Otium Ventures), and Xavier Niel and European investors, Eurazeo Growth and Bpifrance for expansion in Europe in 2019. The company raised Series D funding of €90 million led by Eurazeo Growth, Large Venture, and BPI France with existing investors including Accel, Frst and French billionaire Xavier Niel for managing European SMEs.

The company expanded in Spain and Germany in 2018, the UK in 2019, and Italy in 2021. The company operates on a B2B (Business to Business) Model. The services provided by the company can be categorized into two broad categories: Payroll and HRIS (Human Resource Information System). Payroll management includes automatic payslip generation, real-time automatic changes in payslips like the addition of bonus or accepting an expense, processing the payroll correctly by completing all tasks, simple finalizing of payroll, transferring of payroll data directly into accounting software, and quickly transferring pay slips to bank accounts.

HRIS allows employees to have access to their own portals which records their leaves and absences, allows quick scanning of expenses and payslip integration, simplifies hierarchical structures and rights management through organizational charts which record the responsibilities of the team, and allows easy onboarding of new employees. The major customers of the company are small businesses with up to 50 employees and medium businesses with more than 50 employees. The company generates revenue from the subscription of its platform packages, which include Light (GBP 5 per employee per month plus GBP 29 base fee), Standard (GBP 6 per employee per month plus GBP 65 base fee), and Premium (GBP 7 per employee per month plus GBP 116 base fee). The company is planning to utilize the latest round of funding in 2021 for developing new HR functionalities and adding new features in the HRIS module like weekly meetings and feedback surveys for engaging employees and reducing the gap between managers and employees.