PayFit raises 254 million euros

HR tech start-up Payfit has never had a larger financing round. The capital is also flowing into the German location in Berlin.

Payfit has received 254 million euros from its investors. The US fund General Atlantic led the Series E financing round, with existing investors such as Eurazeo, Bpifrance and Accel Ventures also participating again. The valuation of the HR tech start-up rose to 1.82 billion euros. This gives Payfit unicorn status.

The company intends to use the capital to further develop its HR data and payroll software and expand its existing European locations. In France, Germany, the UK and Spain, 400 new employees are to be hired. At the Berlin location, the team is to be strengthened to over 120 employees, primarily in product development, customer service and sales. "The market launch in Germany, the UK and Spain has opened up many growth prospects for us. We have therefore decided to use the new funds raised to develop our existing markets, where our growth potential is immense," says Managing Director and co-founder Firmin Zocchetto about Payfit's strategy.

Payfit originally comes from France. Firmin Zocchetto, Ghislain de Fontenay and Florian Fournier founded the start-up in Paris in 2015. The Berlin office was opened in 2018 and Germany is now the company's second-largest location. Payfit offers software that simplifies HR processes and payroll accounting. According to the company, around 6,000 corporate customers use the product.