PayFit plans to use the funds to expand its product suite and enhance its customer service. Here are the top-line bullets you need to know.
PayFit, a provider of payroll and HR management solutions for SMEs, has raised $289M in a Series E. The round drew participation from Accel, Eurazeo, General Atlantic, and Large Venture.
How’s the company performing?
- UK-based PayFit helps businesses manage payroll processes, employee expenses and benefits, timesheets, employee onboarding, and other related tasks.
- PayFit has more than 6,000 clients — including YuLife, Urban, Treatwell, Flux, and Elvie. 150,000 individuals currently receive payments via its platform.
- The company saw its ARR grow by 70% in 2021.
- It currently has 700 employees and plans to increase headcount to more than 1,000 over the next year.
- PayFit maintains operations across France, Germany, Spain, and the UK.
Why does the market matter?
- The global HR software market is expected to reach a value of $33.6B by 2028, growing at a CAGR of 10.1%, according to Verified Market Research.
- The increasing adoption of cloud-based workforce management solutions across verticals by businesses of all sizes amid the pandemic has resulted in market growth.