Spain: PayFit receives €70 million to continue transforming the HR of European SMEs

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Since arriving in Spain a year ago, PayFit has consolidated in the market where it expects to double the number of employees by the end of 2019.

PayFit, a firm specialized in digitizing and simplifying HR management for SMEs, has closed a round of financing valued at €70 million. The transaction has allowed the entry of the Eurazeo and Bpifrance funds into the PayFit capital.

Nicolas Herschtel, Deputy Director of Bpifrance's Large Venture Fund, says: "We are very pleased to participate in this important step in the development of PayFit and to support the management team in its growth project, at the service of the digitalization of SMEs, a mission wanted by Bpifrance, whose main activity is to stimulate the growth potential of SMEs, so we will fully mobilize to support PayFit in this common ambition."

At the same time, it has also received support from historic shareholders such as Accel Partners, Frst, and Xavier Niel, who reiterate their commitment to start up.

This is the fourth round of financing of PayFit, which since its creation has already received €19 million. The funds will help PayFit in its goal of simplifying HR management for all SMEs in Europe. The resources raised will boost the internationalization of PayFit in the European market, boost the development of the technological platform as well as new solutions, and strengthen the professional team.

With more than 3,000 clients in France, Spain, Germany and the United Kingdom, PayFit has a staff of 300 employees, of which 17 work in the Spanish office, located in Barcelona. The technology began its international expansion in Spain in April 2018 due to its closeness and similarity with the French market, as well as by the entrepreneurial ecosystem of Barcelona, ​​before entering Germany and the United Kingdom.

Carlos Basso, responsible for product development of PayFit in Spain, says that "the resources received will help us to consolidate our position in the Spanish market, attract new talent and meet the growth targets set for the coming years".

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PayFit plans to reach 600 employees by the end of 2020 and reach 1,000 professionals by 2021. As for the Spanish market, the company plans to grow up to 34 workers by the end of 2019. "This is one of PayFit's biggest challenges: to recruit to the right people at the right time, without compromising excellence and shared values ​​We are looking to strengthen all the teams: the technical team, product, sales, support, marketing, etc. Therefore, we are looking for a wide variety of profiles," explains Firmin Zocchetto, CEO and co-founder of PayFit.

At the service of all European SMEs

A study by YouGov in April 2019 shows that only 44% of Europeans have used a digital human resources management tool in their companies. Digitization is in progress, but still far from complete. In the words of Firmin Zocchetto, "this is just the beginning of the adventure: Europe brings together tens of millions of SMEs that want to digitize, it is an incredible market, and our ambition is to become the point of reference in the management of payroll and resources human resources for SMEs."

European expansion will continue in 2020 with the opening in Italy. Thanks to Jetlang, a programming language created by PayFit, entering a new market is becoming faster, as this tool allows the solution to easily adapt to the legal complexities of each country.

After the success achieved in France, Spain, Germany and England, PayFit plans to open new markets in Europe. To ensure the creation of a product fully aligned with the PayFit philosophy, during the first months the product and equipment of the country in question is developed from the PayFit headquarters in Paris. Once the product is ready to enter the market, the product is still being developed from the country itself. We did it in eight months for Spain and four months for Germany and England. The goal is to launch in a new market in just three months!

Yann du Rusquec, Managing Director of Eurazeo Growth, one of the new investors states: "PayFit's track record since its launch and its extraordinary potential for the coming years make it one of the most attractive start-ups in Europe. to be part of this great adventure and we are delighted to contribute to the success of PayFit together with the management team and other shareholders. "

Contribute to the professional development of employees

The product is constantly developing, and now centralizes payroll, social statements, absences and permits, the integration of new employees, employee directories, etc. The modules for annual interviews, expenditure reports, talent and career management, among others, will complete the service.

By digitizing administrative tasks, PayFit facilitates and expedites the management of both employers and employees. It is a great advantage to be able to focus on the essential, that is, on the human and not the administrative. The ambition of PayFit is to contribute to the professional development of the employees of each SME, which necessarily implies the digitalization of human resources.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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