PayFit integrates HR management software and payroll under one platform. The platform’s benefits, onboarding, expenses, and shift management, in addition to payroll. The platform also provides compliance services and remains up to date on regulatory changes.
The company focuses on small and medium enterprises, with its clientele reported in France, Germany, Spain, Italy, and the UK. As of January 2022, PayFit reports more than 6,000 clients across a client employee base of 150,000. The platform’s subscription pricing starts at USD 39 per user per month.
In its most recent funding round in January 2022, PayFit raised EUR 254 million (approx. USD 289 million) in a Series E funding round valuing the company at EUR 1.8 billion (approx. USD 2.1 billion). This followed a EUR 90 million (approx. USD 107 million) Series D funding round in March 2021.
The unicorn round followed 70% year-over-year growth in annual recurring revenue in 2021. PayFit is expected to use the fresh funds to diversify its product portfolio, expand headcount, improve third-party product integrations and customer service, and increase its footprint across Europe.
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