PayFit Revenue, Valuation, Funding & Investors

PayFit is valued at $2.1B as of January 2022, a 28.3x multiple on its last reported $74M revenue.

Last PayFit valuation

$2.1B

Series E · Jan 2022

Last PayFit funding round

$285M

Series E · Jan 2022

PayFit revenue

$74M

Series E · Jan 2022

Key investors in PayFit

  • Accel
  • Bpifrance
  • Eurazeo
  • Xavier Niel
  • Otium Capital
  • Thibaud Elziere

PayFit Overview

About PayFit

PayFit is a Paris-headquartered SaaS provider automating payroll, expense management, and HR compliance for SMEs in France, Spain, Italy, and the United Kingdom. The platform processes salaries, generates payslips, and handles social declarations integrated with local tax authorities. Serving over 250,000 companies, PayFit connects with accounting software like Sage and Xero. Founded in 2016, it raised funds from investors including Eurazeo and expanded via acquisitions like LeaveBoard for time-tracking features.


Founded

2015

HQ

FranceParis

Website

payfit.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$74M (Jan 2022)

Valuation

$2.1B (Jan 2022)

PayFit Valuation

PayFit is currently valued at $2.1B, based on its Series E in January 2022.

The $285M round was led by General Atlantic, with participation from Bpifrance, Eurazeo and Accel.

PayFit valuation by funding round

PayFit valuation by funding round
DateStageValuationRevenue Multiple
Jan 2022Series E$2.1B28.3x

PayFit Revenue

PayFit's latest recorded revenue is $74M, as of its Series E in January 2022. At a $2.1B valuation, that implies a 28.3x revenue multiple.

PayFit revenue by funding round

PayFit revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2022$74M$2.1B28.3xSeries E

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

PayFit Funding History

PayFit has raised a total of $493M across 6 funding rounds.

PayFit's first fundraising round was a $500K seed round in January 2016. The most recent completed round was a $285M Series E in January 2022.

PayFit funding rounds

PayFit funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2022Series EGeneral Atlantic (lead); Bpifrance; Eurazeo; Accel$285M$2.1BPayFit is a leading payroll and HR management software platform tailored for small and medium-sized enterprises (SMEs), operating primarily in Europe including France, the UK, Spain, and Germany. The company provides automated payroll solutions, HR management tools covering leaves, expenses, and interview assessments, aiming to simplify administrative tasks for SMBs. Founded in 2015, PayFit had gained over 6,000 clients by early 2022 and employed around 700 people across Paris, Berlin, Barcelona, and London. In January 2022, PayFit announced a record-breaking Series E funding round of €254 million ($289 million), led by General Atlantic with participation from existing investors Eurazeo, Bpifrance, and Accel. This round achieved a post-money valuation of €1.82 billion ($2.1 billion), marking PayFit as France's latest unicorn. Prior to this, the company had raised €179 million across previous rounds, including a €90 million Series D in March 2021 that supported product innovation and hiring 300 new employees. The funds from the Series E were earmarked for recruiting 400 additional talents, accelerating development of payroll and HR software features, enhancing customer service, and expanding market share across Europe by deepening penetration in existing markets. PayFit reported paying around 150,000 people through its platform at the time and noted strong growth, with annual recurring revenue increasing 70% in 2021. The company positions itself within the admin tech stack alongside peers like Qonto and Alan, focusing on back-end tools for SMBs. CEO Firmin Zocchetto highlighted the validation from international expansion and plans to maintain rapid growth. General Atlantic's Chris Caulkin praised PayFit's disruptive product and market capture potential in Europe. This investment represented General Atlantic's seventh in France's tech ecosystem over the prior five years.
Mar 2021Series DBpifrance (lead); Eurazeo (lead); Frst; Xavier Niel; Accel$106M-PayFit is a French HR tech company founded in 2015-2016, offering a SaaS platform for payroll and comprehensive HR management tailored to small and medium-sized enterprises (SMEs). It automates payslip generation, payroll exports, payments for pensions and insurance, time-off requests, expense management, employee directories, and onboarding flows. Targeting SMEs avoiding expensive enterprise solutions like Workday, PayFit serves clients including Revolut, Starling Bank, and Treatwell. In March 2021, PayFit closed a €90 million ($107 million) Series D funding round led by Eurazeo Growth and Bpifrance's Large Venture fund, with participation from existing investors Accel, Frst, and Xavier Niel. The funds supported product innovation, hiring 300 new employees to reach 800 total, and European expansion into the UK, Spain, and Germany. At the time, PayFit had 5,000 clients employing 100,000 workers (average 20 per company) and reported 40% growth in 2020. PayFit's revenue in 2021 was approximately $40.5 million, reflecting strong traction in the payroll SaaS market with sticky recurring revenue. Prior to Series E, PayFit had raised €179 million total. By 2024, revenue grew to $155.7 million with around 800 employees, emphasizing unit economics and cost discipline post-restructuring.
Jun 2019Series CBpifrance (lead); Eurazeo (lead); Philippe Suchet; Thibaud Elziere$79M-PayFit is a French SaaS startup founded in 2016 that simplifies payroll and HR management for SMEs by digitalizing administrative tasks such as payroll bulletins, declarations, time-off tracking, expense management, and legal compliance updates. The company operates in France, Spain, Germany, and the UK, with offices in Paris, Barcelona, Berlin, and London. By June 2019, PayFit served over 3,000 client companies including Minutebuzz, Le Cab, Big Mamma, Station F, Le Slip Français, Mano Mano, and Heetch, and employed 300 people. On June 17, 2019, PayFit raised €70 million in a funding round led by Eurazeo Growth (€35 million) and Bpifrance via its Large Venture fund, with participation from historical investors Accel, Frst (formerly Otium Venture), and Xavier Niel. This brought total funding to €89 million after previous rounds of nearly €19-20 million in 2016 and 2017. The funds were earmarked for European expansion, including opening an office in Italy in 2020, accelerating product deployment, developing new HR modules, and doubling headcount to around 600 in 2020 and 1,000 by mid-2021. Investors highlighted PayFit's rapid growth trajectory and potential as one of Europe's top startups in the HR tech space for SMEs. PayFit positioned itself as a leader in automated payroll and HR solutions, reducing administrative burdens to focus on human aspects of management.
Jul 2017Series BAccel (lead); Xavier Niel; Otium Capital$17M-PayFit raised a $15.9 million (€14 million) Series B funding round on July 6, 2017, led by Accel with participation from Xavier Niel and Otium Venture. The Paris-based startup provides a web-based platform to simplify payroll and HR administrative tasks for small and medium-sized businesses in Europe, including compliant paycheck generation, salary payments, regulatory notifications, expense management, vacations, and plans for organizational charts and scheduling. At the time, PayFit served 600 companies, employed 40 people, and planned to hire 40 more while expanding to markets like Spain, Italy, Germany, and the U.K.
Oct 2016Series AOtium Capital (lead); Xavier Niel (lead); The Family; Geoffroy Roux de Bezieux; Oleg Tscheltzoff; Romain Cottard; Jean-Daniel Guyot$6M--
Jan 2016SeedKima Ventures (lead); The Family; Quentin Nickmans; Thibaud Elziere$500K--

Who has invested in PayFit?

16 investors have backed PayFit across its funding rounds, including Accel, Bpifrance, Eurazeo, Xavier Niel, Otium Capital and Thibaud Elziere.

Lead investors include General Atlantic, Bpifrance, Eurazeo, Accel, Otium Capital and 2 other investors.


PayFit Investors

Investors in PayFit by funding rounds participated
InvestorHQRoundsRoleFirst check
Xavier NielFranceParis3LeadOct 2016
BpifranceFranceParis3LeadJun 2019
EurazeoFranceFrance3LeadJun 2019
AccelUnited StatesPalo Alto, CA3LeadJul 2017
The FamilyFranceParis2ParticipantJan 2016
Otium CapitalFranceParis2LeadOct 2016
Thibaud ElziereBelgiumBrussels2ParticipantJan 2016
FrstFranceParis1ParticipantMar 2021
Geoffroy Roux de BezieuxFranceParis1ParticipantOct 2016
Philippe SuchetUnited StatesSan Francisco, CA1ParticipantJun 2019
General AtlanticUnited StatesNew York City, NY1LeadJan 2022
Oleg TscheltzoffUnited StatesNew York City, NY1ParticipantOct 2016
Quentin NickmansBelgiumBrussels1ParticipantJan 2016

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PayFit Competitors

PayFit competitors include listed companies like Freee, TOTVS, Teamshares and Workday, and private ones like CaptivateIQ and Rippling.

Public and private companies comparable to PayFit
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FreeeJapanJapanPublicly listed$214M$6M$1.5B4.8x
CaptivateIQUnited StatesSan Francisco, CAPrivate$44M-$1.3B28.4x
TOTVSBrazilBrazilPublicly listed$1.1B$318M$3.8B3.2x
TeamsharesUnited StatesUnited StatesPublicly listed$472M($23M)$545M1.4x
RipplingUnited StatesSan Francisco, CAPrivate$570M-$17B29.5x
WorkdayUnited StatesUnited StatesPublicly listed$9.6B$1.2B$48B4.7x

PayFit Public Comps

PayFit is still privately-owned, but its public comps include Money Forward, Vertex, Hilan, ATOSS Software, BlackLine, Freee, 74Software, Fujian Boss Software, Teamshares and TOTVS.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Money Forward$324M$55M6.8x5.8x39.7x34.4x
Vertex$748M$103M2.8x2.6x20.5x10.8x
Hilan$993M$154M1.8x-11.9x-
ATOSS Software$218M$84M7.0x6.4x18.2x17.1x
BlackLine$700M$72M2.6x2.5x25.6x8.5x
Freee$214M$6M6.3x4.8x237.7x65.4x
74Software$814M$112M1.9x1.8x13.7x9.8x
Fujian Boss Software$299M$40M2.8x2.9x21.1x21.0x

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Common questions about PayFit

When was PayFit founded?PayFit was founded in 2015.
Where is PayFit headquartered?PayFit is headquartered in Paris, France.
Is PayFit publicly listed?No, PayFit is a private, VC-backed company.
What is PayFit's valuation?PayFit was last valued at $2.1B in its Series E in January 2022.
How much funding has PayFit raised?PayFit has raised $493M across 6 funding rounds.
What was PayFit's last funding round?PayFit's last funding round was a $285M Series E in January 2022, led by General Atlantic.
Who are PayFit's investors?PayFit's investors include Xavier Niel, Bpifrance, Eurazeo, Accel, The Family, Otium Capital, Thibaud Elziere, Frst, Geoffroy Roux de Bezieux, Philippe Suchet and 6 others.
What is PayFit's revenue?PayFit's latest recorded revenue is $74M (January 2022).
What is PayFit's revenue multiple?PayFit's latest valuation implies a 28.3x revenue multiple ($2.1B valuation on $74M of revenue).
Which companies are comparable to PayFit?Companies comparable to PayFit include Freee, CaptivateIQ, TOTVS, Teamshares, Rippling and Workday.

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