A European HR technology firm is aiming to treble revenues in the UK following a £77 million Series D funding round.
PayFit, which only secured a £60m Series C last year, aims to simplify payroll and human resource management for all European SMEs.
Founded in 2016, it now serves more than 5,000 SMEs with 100,000 employees using the solution – including Revolut and Starling Bank – in France, Germany, Spain, Italy and the UK.
The company has 550 employees in its offices in Paris, Berlin, Barcelona and London, with 25 currently in the UK.
UK country manager Nick Miller said the scale-up – headquartered in Paris – has hundreds of clients across the UK and been tripling it growth here year on year.
“The UK is one of the largest markets for number of SMEs in Europe with a high level of digitisation, making it a great market to grow and expand Payfit’s brand,” he tells BusinessCloud.
“As an English-speaking country, UK can act as a gateway to other opportunities and it helps cement our position as a European-leader.
“We plan on tripling our revenues [in the UK] in 2021.”
The investment round follows the company’s 40% growth in 2020 and has been led by Eurazeo Growth, Large Venture and BPI France with participation and support from existing investors including Accel, Frst and French billionaire Xavier Niel.
PayFit is gearing for a further 80% company growth in 2021.
The latest investment will enable PayFit to continue developing its comprehensive HR solution, consolidate its existing offer and support its hypergrowth by increasing its headcount by 50% to 800 in 2021.
Firmin Zocchetto, CEO and co-founder of PayFit, said: “As a result of the [COVID-19] pandemic, HR professionals have faced a much higher workload and previously unknown challenges.
“They have had to deal with various issues: from supporting the company’s management with the implementation of remote work policies to ensuring employee wellbeing through new initiatives.
“There are still tens of millions of SMEs that want to go digital. The market is huge, and our ambition remains the same: to become the point of reference for payroll and HR management for all SMEs.”
PayFit already centralises payroll, HMRC submissions, absences and holidays, expense reports, employee onboarding and employee contact information.
Above and beyond standard HR and payroll functions, the company also provides relevant data analysis to identify gender pay gaps in organisations.