Highlights:
- Payhawk is the platform for payments and expense management.
- Payhawk Raises $20m from QED Investors.
- The company has posted 10x growth in 2020 and doubled its revenue in Q1 of 2021.
- The fundraising will enable Payhawk to further expand its product offering and team.
Introduction:
Payhawk is a spending software that simplifies expenses, payments, and card spending for growing businesses. The company’s platform enables financial officers and business owners to manage the entire spending lifecycle end-to-end. It collects and analyzes receipts, invoices, and card transactions to help stay in control of the budget with no paperwork for the employees.
With its paperless corporate card linked to automated expense management, Payhawk provides a product on top of existing banks.
With its paperless corporate card linked to automated expense management Payhawk provides a product on top of existing banks. It’s currently on the way to disrupt the expense management market by combining financial and software products into a single platform.
The innovative Fintech startup was founded in 2018 to help businesses simplify spend and expense management – with its next-generation paperless debit card this can be done in a tax compliant manner. The company has offices in Berlin, London, and Sofia and currently serves more than 1,000 customers in 16 European countries.
Payhawk raises $20M to unify corporate cards, payments, and expenses.
Payhawk, the platform for payments and expense management, has raised $20 million. The round is led by the US-based fund QED Investors, which has a strong track record of investing in more than 15 fintech unicorns among Klarna and NuBank. Existing investor Earlybird Digital East, who led the $3.6 million seed round in March 2020, is also contributing fresh capital.
Currently, finance teams use multiple disconnected tools for payment, invoices, and expense management. Payhawk acts as a one-stop-shop, combining these key elements. As a result, Payhawk empowers finance teams to reduce manual work, keep tight control of budgets in real-time, and fully automate spend.
The company has posted 10x growth in 2020 and doubled its revenue in Q1 of 2021. Its customer base consists of a mix of fast-growing and multinational companies including LuxAir, Lotto24, Hold, Nexo, MacPaw, and By Miles.
The fundraising will enable Payhawk to further expand its product offering and team.
The fundraising will enable Payhawk to further expand its product offering and team. The company will expand coverage of countries, currencies, and payment products to include credit cards. This will include support for USD, AUD and others. Payhawk will also accelerate its use of AI and ML, to introduce smart workflows, and eliminate manual approval. The company plans to triple its marketing and sales team in 2021, in order to increase its presence in the UK, Germany, and Spain.
Yusuf Ozdalga, QED Investors says, The company is growing at a phenomenal rate. The company’s product fundamentals are exceptionally strong, and industry trends are working in the company’s favor too.
Payhawk CEO and founder Hristo Borisov says, “We have huge ambitions for the year ahead. Over the next year, we are keen to provide great support to finance teams across 30+ countries to manage company cards, invoices, and payments in a unified and efficient way. We plan to significantly expand our integrations to existing ERP systems.
