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Paris based employee payment startup Payfit has raised $15.9m in Series B funding led by Accel Partners. Instead of relying on outdated processes and third-party companies, PayFit lets you easily enter everything about your employees. Then, the company can produce legally compliant paychecks, wire salaries and notify authorities about healthcare or retirement status.
The main advantages are quite simple. PayFit is cheaper than a third-party firm or a full-fledged HR department. It stays up-to-date as everything happens in your browser and gets updated with new labor laws. And employees can easily access past paychecks and their work contract. “Any business in Europe that employs staff knows the headache in managing payroll,” Accel partner Philippe Botteri told me. “This problem is particularly painful for SMBs, which struggle to comply with the frequently changing labor laws.” PayFit didn’t stop there and has also integrated many of the basic admin features for a young French company. You can manage your 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.
https://techcrunch.com/2017/07/06/payfit-raises-159-million-to-manage-european-payrolls/
