French startup PayFit just raised a $15.9 million Series B round from Accel. The company produces legally compliant paychecks, wire salaries and notifies authorities about healthcare and retirement status of a SME employees.
French startup PayFit just raised a $15.9 million Series B round (€14 million) from Accel with Xavier Niel and Otium Venture also participating. PayFit handles most pesky administrative tasks in your company with a simple web interface. The company started with basic payroll features for French companies. Instead of relying on outdated processes and third-party companies, PayFit lets you easily enter everything about your employees.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.