Payroll management solution PayFit raises EUR 254 mln

General Atlantic, a leading global growth equity firm, led the round, with participation from existing investors Eurazeo, Bpifrance, and Accel Ventures. PayFit plans to use the funds to recruit additional top talent, accelerate the development of new products, and increase its market share across Europe.

PayFit will leverage the proceeds from its Series E round to deepen its penetration in existing markets, invest in its core automated payroll software offering, and continue to expand its SME-tailored solution across HR management by complementing leaves/absences and expenses with interview assessment functionality, among other features to be launched in 2022.

PayFit aims at simplifying payroll and HR management. The company provides a payroll solution that automates the HR processes, particularly for underserved small and medium-sized enterprises (SMEs). PayFit’s technology platform enables HR managers, finance managers and business owners to conduct payroll calculations in markets with complex regulatory requirements.