M&A / FundingPayments

Payhawk rakes in $112M raise for corporate spend management

Payhawk
Image courtesy Payhawk

Only seven months after closing its $20m Series A financing round, Payhawk announces its Series B of $112 million all equity round led by US investor Greenoaks, who previously invested in high-growth companies like Checkout.com, Robinhood, Stripe and Brex. All existing investors, including QED Investors, Earlybird Digital East and Eleven Ventures are participating in the round.

According to Payhawk, this is the second largest ever Series B for a B2B company in the CEE region after UiPath, and is the largest and fastest Series B in the spend management space across Europe. The newest round values the company at $570 million.

The fintech operates as a “one-stop-shop” for finance teams, giving customers access to expense management, payments and invoice management via a single platform. It’s pitched as an easy way for finance teams to replace manual processes and disconnected tools with a unified platform for SMEs.

In 2021, Payhawk introduced 3% cashback on all payments, a number of new enterprise features, free bill payments, and support for Apple Pay and Google Pay in 30 countries. Hristo Borisov, Payhawk’s CEO and Founder, accredited the companies massive rollouts to its product and engineering teams, which are working at “break-neck speeds.”

“Managing company cards, especially reports, bill payments and invoices is currently a disconnected experience bridged by finance teams through a lot of manual work,” Borisov said. “We are building enterprise software running on global payments infrastructure that automates all spend processes

Since its Series A round, Payhawk said its transaction volume through the platform has increased by 663% and continues to grow at 45%+ month-on-month in October. Its customer base consists of a mix of scale-ups and corporates in 27 countries across Europe, including A.T.U, Luxair, Flink, Viking Life and Wagestream.

For now, Payhawk is limited to European entities – its focus being the UK, Germany, Spain and Benelux. But the company is now gearing up for a U.S. launch next summer, with plans to touch down in Australia, Canada and Singapore by the end of 2022.

The fintech will use the new funds to accelerate its product scale with the launch of a credit card in the first quarter of 2022, and low-cost cross-border transfers as an alternative to SWIFT payments.

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