$79 Million Raised By PayFit For Its Payroll service
PayFit is a French start-up that currently raised $79 million in funding from Bpifrance and Euranzeo. The company started out by providing payroll services to both small and medium-sized companies in France. But the company has soon emerged as a complete HR solution provider for many European countries.
In order to make things easy for small companies, PayFit makes use of a software-as-a-service approach. This help companies to easily handle HR information and payroll from a browser. Not just that, but everything stays updated and in alignment with the labor regulation as well.
PayFit has been designed to generate pay slips once you enter employee data in it. Employees are sent an email once their pay slips are ready to be discharged. In case, an employee is going to get an increment, the amount can be modified by logging into your PayFit.
At times of paying payroll taxes, the system automatically reminds of you how much and at what time you have to pay them. Along with it you can also see reports about your employees and generate exports for your accountant.
The system is also designed to handle leaves, absences, shifts and expense reports. This is important as it affects your payroll directly.
You can also create an organizational chart in the system in order to approve vacation days and expense reports.
Making HR giants in the US is still easy. But when it comes to Europe, labor laws are much more complicated. Despite that, the start-up has managed to spread its services in Spain, France, Germany, and the UK. It is soon going to introduce itself to Italy as well.
The company also has its own programming language called the Jetlang which can transform labor code into computer code.
The company has 300 employees and around 3000 companies depend on it. With this fundraising, the company is planning to double its workforce by 2020.