Fintech startup Payhawk raises €99 million to expand payments and expenses solution

Payhawk, founded in 2018 with offices in London, Sofia, Berlin and Barcelona, has just raised €99 million, putting the company’s value at €505 million. 

This Series B funding round comes after their €16.5 million boost earlier this year. The all-equity round is led by US investor Greenoaks. It is the second-largest ever Series B for a B2B company in Central and Eastern Europe and is the largest and fastest Series B in the spend management space across Europe. 

Payhawk offers a payment and expense solution that reduces the amount of manual work that finance teams are bound to by combing tools for cards, payments, invoices, and expenses into one platform, acting as a one-stop-shop for finance teams. 

For high-growth companies looking to digitise their financial process, Payhawk is emerging as a leading platform, especially for those with global offices. This year the fintech disruptors introduced 3% cashback on all payments, new enterprise features, free bill payments, and support for Apple Pay and Google Pay in 30 countries. Since the Series A funding round earlier this year, transaction volume through the platform has increased by 663% and continues to grow at over 45% year month-on-month in October. 

Hristo Borisov, CEO and Founder, said: “Managing company cards, especially reports, bill payments, and invoices is currently a disconnected experience bridged by finance teams through a lot of manual work. We are building enterprise software running on global payments infrastructure that automates all spend processes. Our strong product background and engineering team allow us to move at break-neck speed. This, in turn, will enable global enterprises and fast-growing technology companies to revolutionise how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere”.

Headquartered in London, the young fintech was founded by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengoov. The company serves companies across 27 countries across Europe and is now looking to continue global expansion with the US, Netherlands, France, Australia and Singapore as key locations to open new offices. 

The young company will also use the funds to accelerate its product roadmap, with the launch of a credit card in Q1 2022, and cheap cross-border transfers as an alternative to SWIFT payments. 

These global expansion and product ambitions will run in tandem with growing the marketing and sales team in Payhawk’s key markets of the UK, Germany, Spain and Benelux. The young startup has also appointed Paul Albert as SVP Global Sales to lead direct sales, partnerships and customer success.