Everything You Need To Know About Payfit (Detailed Overview)
So, what is basically PayFit, and is it a Unicorn?
Yes, PayFit is a unicorn company that reached a valuation of almost $2 billion last year. Firmin and Ghislain are the founders of the company who started the journey together. The company recently entered the unicorn family after it raised Series E funding. Let’s learn more about this company.
Company Overview
Here is the basic information about ByteDance.
Company Profile
| Company Name | PayFit |
| Founded | 2016 |
| Founders | Firmin ZocchettoFlorian FournierThomas JeanJean |
| Industry | Human Resource and Software |
| Type | Private |
| Headquarters | London, England, United Kingdom |
| Key People | CEO, and Co-Founder- Firmin ZocchettoDeputy CEO and Co-Founder- Florian FournierCOO- Thomas JeanJean |
| Area Served | Worldwide |
| Services | Expense ManagementRTI Submissions and Payroll IntegrationsLeave and AbsencesPeople Management |
| Employee Number | ~1000 |
| Revenue | $6.7 million |
| Website | payfit.com |
Company History
The year was 2016, and they started to think of a startup. And a couple of months later, Florian joined them. And the trio began their journey, which has reached to this milestone today. They wanted to solve a universal problem, and their aim was to target some tedious and complex problem. This is how they got the idea of payroll management.
For them, the solution and what they were trying to do was simple. They were clear about the vision to make a payroll automatic. After working for months, they finally made JetLang. This was a unique programming language, and further, they were able to create PayFit. After creating the platform, companies can now say that it is easy for them to regulate socially.
PayFit Journey
After one year of starting the company, the valuation was around $60 million in 2017. And the founders themselves didn’t think that one day the company was going to be a unicorn. Last year, at the beginning of 2022, the company raised its Series E funding and raised almost $270 million at a valuation of $2 billion.
Before this, PayFit raised four other funds. In the Series D funding it was able to raise $97 million, before that, it raised $75 million. And the first two raised amounts were $5.35 million and $15 million, respectively.
PayFit Products And Service
So, in what sector is the company trying to establish its performance? Or you can say these are the expertise that the company has, and this is how it is growing.
The first thing that PayFit started to provide was to automated payslip management tool. This is basically a tool through which a company can run its payroll. All you need to do is to input all the necessary data, and the tool automatically calculates everything and send the employees the payslips automatically to their mail.
Other than automation, there are other features like RTI and pension submissions. The tool is also able to manage expenses, benefits, and any kind of integrations, and if you want to put personalized payrolls, then you can do that also. And one of the best features that the tool allows a company is to enhance the Management of Human Resources.
PayFit Features
With the help of the tools that the company provides, you will get these features.
- First of all, you will be provided with automatic managers, which is a tool that will take care of payrolls and HR processes. And this will save a lot of money and time.
- Secondly, the tool keeps the bond between HR teams and employees. So, your company will be enhanced in terms of work.
- There is also an employee portal, which employees have access to visit. They can submit any expenses, request for leaves, and they can see their payslips anytime they want.
- All the HR data and payrolls will be stored under the same roof. There are integrated custom reports and accounting software that the management can only access.
- Overall, the platform has accounting software, HR software, workplace pension software, and HMRC.
Who Are The Customers?
If you are wondering who are the customers of the company, then here is some information that you should look into. Here are some companies or organizations which are PayFit’s consumers.
- Opteo
- Diffblue
- Trust Payments
- Roots Kitchens Bedrooms Bathrooms
- Flux
- YuLife
- Marshmallow
- Wenham Carter Group
- Revoult
Frequently Asked Questions (FAQs):
Here are some interesting questions and answers that most people ask about PayFit.
Ans: PayFit is a cloud-based software company that focuses on payroll management. The company is responsible for increasing productivity by managing human resources. PayFit seamlessly simplifies the workforce and digitizes workforce management. Some examples of PayFit are managing HR processes, attendance, and time management for employees.
Ans: Yes, PayFit is one of the European companies that recently became a Unicorn company. Recently, the company has raised its Series E funding round, where it raised $270 million, with a pre-money valuation of $2 billion. And this made the French HR tech company a unicorn, also, this was one of the record-breaking funding that the company raised.
Ans: In simple words, PayFit is a company that develops SaaS tools for enhancing the payrolls and managing human resources. The tool helps companies to generate payslips automatically with proper information and selected date, and the employees will get the payslips through their mail. PayFit also manages absences, leaves, expense reports, and anything related to work, the tool also monitors working time.
Final Words
The company began its journey in 2016 with a problem that many companies face during the middle stage, where they need to handle a lot of employees. And PayFit has been successfully dealing with problems and solutions very smoothly, and this has made them a unicorn within only five and a half years. If you are looking to learn more about the company, you can check all the blogs and articles on its official website.
And if you are here to know weather to choose the company for your organization, then happily accept its services, they are the best what they do.
I hope you will find this article interesting.Thank You.
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Mashum Mollah is the feature writer of Search Engine Magazine and an SEO Analyst at Real Wealth Business. Over the last 3 years, He has successfully developed and implemented online marketing, SEO, and conversion campaigns for 50+ businesses of all sizes. He is the co-founder of Social Media Magazine.
