French startup PayFit increases a new $ 79 million funding round (€ 70 million) from Eurazeo and Bpifrance. The company first started with payroll services for small and medium-sized businesses in France. It has developed into a full-fledged HR solution for several European countries.
PayFit uses a software as a service approach so that small businesses can easily manage payroll and HR information from a web browser. Everything stays up to date and in accordance with work regulations.
After you provide information about your employees, PayFit automatically generates payrolls every month. Your employees will receive an email when the paychecks are ready. If someone gets a raise, you can connect to your PayFit account and change an amount for all pay slips in the future.
When it comes to payroll taxes, the service reminds you automatically when you have to pay them and how much you pay. You can also generate exports to your accountant, see reports on your employees, etc.
And PayFit does not want to stop by payrolls. You can also handle absences and magazines, cost reports and shifts. It makes sense to build these tools in the house as they have a direct effect on your pay.
To approve cost reports and holiday days, you can also build an organization chart in PayFit and decide who manages who.
While it is easy to build an HR giant in the United States, it is a little more complicated in Europe, as labor law varies so much from country to country. But the startup has managed to launch its service in France, Spain, Germany and the UK ̵[ads1]1; Italy is coming soon.
The company says it has developed its own programming language called Jetlang to convert work code to data code.
There are 3000 companies that rely on PayFit and 300 people working for the company. With today's funding round, PayFit plans to double the workforce by 2020.