The nugget Payfit has becomee one of France's leading providers of payroll and human resources management software. The company has raised 254 million euros and is now valued at 1.8 billion euros. Focus on this company which enters the ranking of unicorns Frenchs.
The creation of PayFit
The French Tech Payfit was founded in 2015 by Firmin ZocchettoGhislain de Fontenay and Florian Fournier. After months of reflection and and this trio decided to create a programming language called JetLang for VSEs and SMEs, with the aim of automating and facilitating the management of pay slips, vacations and absencesexpense reports, social security declarations and working time management.
Rising to the top
Payfit aims to expand its market presence by making its artificial intelligence available to millions of French SMEs. To achieve their goal, they are also planning to recruit more than 400 talents to join the adventure. The startup is once again appealing to investors, including Accel Ventures, Eurazeo, Bpi France and, above all, General Atlantic, an American investment fund which has also invested in Doctolib and Openclassrooms. A to date, the value of Payfit is estimated at 1.82 billion euros making it France's 23rd unicorn.
PayFit: key information
Number of employees to date
The startup counts 1100 Payfiters distributedt on 4 offices in Europe
Sales figures
After raising €254 million from General Atlantic, Payfit is valued at 1.8 billion euros. It forecasts 80% growth by 2022.
Going public
No IPO planned for the moment, but perhaps a 6th fund-raising round?
Recap ofhe 5 levees background made to date:
Series E in January 2022: 254 million euros
Series D in March 2021: 90 million euros
Series C in June 2019: €70 million
Series B in July 2017: €14 million
Series A in October 2016: 5 million euros
Scalability
Currently active in France, Germany, Spain and the United Kingdom, the startup has more than more than 9500 customers using its solution.
Mantra/Citation CEO
" We wanted to enable payroll profiles to refocus their expertise on high value-added tasksWe wanted to enable payroll professionals to refocus their expertise on high value-added tasks, while limiting errors and endless round-trips with their accountants every month. "confides Firmin ZocchettoCEO of PayFit à Les Echos.
