Business
PayFit raises $79 million for its payroll service
French startup PayFit is raising a new $79 million funding round (€70 million) from Eurazeo and Bpifrance. The company first started with a payroll service for small and medium companies in France. It has evolved into a full-fledged HR solution for multiple European countries.
PayFit uses a software-as-a-service approach so that small companies can easily manage payroll and HR information from a web browser. Everything stays up-to-date and compliant with labor regulation.
After you enter information about your employees, PayFit automatically generates pay slips every month. Your employees receive an email when their pay slips are ready. If somebody is getting a raise, you can connect to your PayFit account and modify an amount for all pay slips going forward.
When it comes to payroll taxes, the service automatically reminds you when you have to pay them and how much you’re supposed to pay. You can also generate exports for your accountant, see reports about your staff, etc.
And PayFit doesn’t want to stop at payrolls. You can also manage absences and leaves, expense reports and shifts. It makes sense to build those tools in house as they have a direct effect on your payroll.
In order to approve expense reports and vacation days, you can also build an organizational chart in PayFit and decide who’s managing who.
While it’s easy to build an HR giant in the U.S., it’s a bit more complicated in Europe as labor laws vary so much from one country to another. But the startup has managed to launch its service in France, Spain, Germany and the U.K. — Italy is coming soon.
The company says that it has developed its own programming language called Jetlang in order to transform labor code into computer code.
There are 3,000 companies relying on PayFit and 300 people working for the company. With today’s funding round, PayFit plans to double its workforce by 2020.
-
Business7 days ago
TikTok Shop expands its secondhand luxury fashion offering to the UK
-
Business6 days ago
UnitedHealth says Change hackers stole health data on ‘substantial proportion of people in America’
-
Business6 days ago
Mood.camera is an iOS app that feels like using a retro analog camera
-
Business5 days ago
Tesla’s new growth plan is centered around mysterious cheaper models
-
Business4 days ago
Xaira, an AI drug discovery startup, launches with a massive $1B, says it’s ‘ready’ to start developing drugs
-
Business4 days ago
UK probes Amazon and Microsoft over AI partnerships with Mistral, Anthropic, and Inflection
-
Entertainment6 days ago
Furious Watcher fans are blasting it as ‘greedy’ over paid subscription service
-
Business5 days ago
Two widow founders launch DayNew, a social platform for people dealing with grief and trauma