France based payroll technology company Payfit has raised $5.6m in Series A funding led by Otium Capital. Employees can log into Payfit to download paychecks and request a vacation. And if there’s an issue, you know that you can directly talk to someone in your company about it as your company doesn’t rely on an outsourced payroll service bureau.
Payfit officially started in April 2016. And it looks like many companies were waiting for a product like this one given today’s funding round. Geoffroy Roux de Bézieux, Jean-Daniel Guyot, Oleg Tscheltzoff and TheFamily also invested in this round. “Right now in France, you need to have dedicated people working exclusively on payroll functions. And if you outsource them, you lose control,” co-founder and CEO Firmin Zocchetto told me. Payroll departments use outdated software with expensive licenses. Payfit is a software-as-a-service, meaning that everything happens in your browser, it always gets updated and you pay every month depending on the size of your company. This alone is a big change in France as there aren’t many solutions to manage paychecks. That’s why it can get really expensive, even for a tiny company, to pay your employees.