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Payroll Startup Payfit Is France’S Latest Unicorn As It Raises $289 Million

Payroll Startup Payfit Is France’S Latest Unicorn As It Raises $289 Million

01/06/22, 6:00 AM
Money raised
$289 million
French startup PayFit just announced that it closed a new $289 million Series E round (€254 million) before the holidays. Following this round, the startup has reached a post-money valuation of $2.1 billion (€1.82 billion).

Company Info

Company
Pay Fit
Additional Info
Following this round, the startup has reached a post-money valuation of $2.1 billion (€1.82 billion). The company has been building a payroll and HR software-as-a-service platform for small and medium companies. The startup has been on a roll as it raised a Series D round in March 2021. First, the company is doing well when it comes to revenue. The market opportunityBut let’s try to dissect PayFit’s business a bit more to find out how the company ended up here. The startup makes sure you remain compliant and hides the complexity. The company also has a big market opportunity. Every company needs a payroll solution and it’s incredibly hard to switch from one solution to another — it’s the perfect Venn diagram for a software-as-a-service product. Soon, the company will also offer a way to handle annual performance reviews in PayFit. The company wants to “offer small companies the same perks that you would get by working for big companies,” Zocchetto said. He listed two reasons why PayFit has had little issues raising at a higher valuation. PayFit has a product advantage compared to other solutions as you don’t need to be an expert and work for an accounting firm to generate payroll. There are currently 6,000 companies using PayFit. It’s going to be important to see if PayFit has what it takes to become the clear market leader in France, the U.K., Germany and Spain. Essentially, PayFit is part of a cohort of startups that are reinventing the admin stack.
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