STARTUP Payhawk SCORES $112 MILLION TO EXPAND PAYMENT AND EXPENSES SOLUTION
London-based fintech startup Payhawk which offers an all-in-one financial management solution for businesses, precisely for the European market just announced it has successfully scored a $112 million Series B round, putting the company’s value at $570 million.
The subject startup which was founded in 2018 has offices in London, Berlin, Sofia, and Barcelona. However, the Series B funding round comes after it had secured a $18.6 million boost earlier this year. While the latest all-equity round was led by Greenoaks which also saw the participation of all existing investors, such as QED Investors and Earlybird Digital East. Amazingly, the latest fundraise is understood to be the second-largest ever Series B for a B2B company in Central and Eastern Europe, equally the largest and fastest Series B in the spend management space across Europe.
Moreover, the fintech company offers a payment and expense solution which reduces the amount of manual work that finance teams are bound to by combing tools for cards, invoices, payments, and expenses are factored on a platform that positions the subject product as a one-stop-shop for finance teams.
Looking at this from a broader perspective, high-growth companies looking to digitize financial processes are to take note of the fact that Payhawk is emerging as a leading platform precisely for those operating on a global scale. As a result, the fintech disruptor introduced 3% cashback on all payments this year, free bill payments, new enterprise features coupled with support for Apple Pay and Google Pay across 30 countries. It’s also been observed after the Series A funding round earlier this year that transaction volume through the platform grew by 663%, notably at over 45% year month-on-month in October.
“Managing company cards, especially reports, bill payments, and invoices are currently a disconnected experience bridge 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 enterprise and fast-growing technology companies to revolutionize how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere”, Payhawk founder and CEO ‘Hristo Borisov’ said.
Meanwhile, the young fintech which was founded by ‘Hristo Borisov’, ‘Konstantin Dzhengoov’, and ‘Boyko Karadzhov’ is known to be headquartered in London. Now serves a number of companies across 27 countries in Europe and is also poised on doubling down on global expansion with the United States, France, Netherlands, Australia, and Singapore as key markets to open new offices.
Furthermore, while seeking cheap cross-border transfers as an alternative to SWIFT payments, Payhawk plans to use its latest fundraise to accelerate its product roadmap, which will see the launch of a credit card in Q1 2022.
Having appointed ‘Paul Albert’ as SVP Global Sales to lead direct sales, partnerships, and customer success, it’s worth noting that the company’s global expansion ambitions are designed to run at the same time with growing the marketing and sales team in Payhawk’s key markets of the UK, Spain, Germany, and Benelux.
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