Payfit: a startup to revolutionize the paycheck domain for the employees

Payfit, a French start-up desires to bring modifications to the former pay checks in the nation. After a stipulated period of few months, the company just embossed $5.6 million (€5 million) from Otium Venture and Xavier Niel.

Officially, the company, Payfit, launched itself to the global platform in April 2016. As per recent funding round and the feedback given by many companies, it looks as if they were waiting for a product like this one. Geoffroy Roux de Bézieux, Jean-Daniel Guyot, Oleg Tscheltzoff and The Family are also among the renowned investors.

“At the present time in France, you need to have people, committed to work exclusively on the payroll functions. And if an attempt is made to outsource them, the control over them is lost,” as told in the reports by co-founder and CEO Firmin Zocchetto.

The software used by the payroll departments are out dated with expensive licenses. Payfit is a software-as-a-service which means that whatever happens in the browser, it always gets rationalised and accordingly the payment is made every month depending on the size of the company.

This solely is a big revolution in the pay checks domain in France, as there aren’t many solutions to control. This is why it can get really lavish, even for a company which is small, to make the payment of their employees.

A walk through the product has been quite impressive with its interface and general philosophy. The people can see themselves utilising something like Payfit to manage various aspects like contracts, salaries, vacations, tickets restaurant meals and more.

On the contrary of the equation, employees can also sign in into their Payfit accounts such as to carry out activities like download pay checks and request a vacation. Further if there is an issue, then one can directly talk to someone in the company about it as the company is not dependent on a bureau that outsources the payroll service.

Until now, 250 companies such as Heetch, Sellsy, Nestor or Aircall have signed up to Payfit. They pay €39 per month and €11 per month per employee which is very expensive as compared to the traditional competitors in the market.

The product is only accessible to the people in France as this kind of product is distinct to one marketplace. But the start-up could probably make an expansion to other European countries.

Payfit appears to be a simple idea on a piece of paper, but it’s such an unappealing industry that there has been less number of competitors in the market. Moreover, there has been a need to manage the payroll by every company— Payfit isn’t just something that is “delightful.” And there is also a good selling point that we don’t have to continue with the developing French law it is managed by Payfit itself.

 

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Payfit: a startup to revolutionize the paycheck domain for the employees
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Payfit: a startup to revolutionize the paycheck domain for the employees
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Payfit, a French start-up desires to bring modifications to the former pay checks in the nation. Payfit is a software-as-a-service which means that whatever happens in the browser, it always gets rationalized and accordingly the payment is made every month depending on the size of the company. Employees can also sign in into their Payfit accounts such as to carry out activities like download pay checks and request a vacation
Aditya Gupta
Startupwine
Startupwine
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