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Payments General

PayFit plans to expand in Europe after new funding round

Thursday 6 July 2017 | 10:08 AM CET

France-based PayFit has raised a USD 15.9 million Series B round (EUR 14 million) from Accel with Xavier Niel and Otium Venture also participating. 

The company started with basic payroll features for French companies. Instead of relying on outdated processes and third-party companies, PayFit lets companies enter everything about their employees. Then, the company can produce legally compliant paychecks, wire salaries and notify authorities about healthcare or retirement status.

PayFit has also integrated many of the basic admin features. Employees can manage their expenses, see upcoming holidays, ask for a vacation and more. The startup is also working on organizational charts, subsidiary management, schedule management and secure storage.

With the new funding round, the company plans to expand beyond France aiming for Spain, Italy, Germany and the UK, but each market is different with different laws and restrictions. In France there are now 600 companies using PayFit.

More: Link
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