Payhawk builds software for back-office financial teams that lets them manage invoices, company cards and expenses
The London-headquartered fintech business has raised $112 million (£83 million) as investors continue to pour massive sums into new digital businesses.
Payhawk, originally founded in Bulgaria but now headquartered in the UK, has raised ‘Series B’ funding from San Francisco-based investor Greenox, which has also backed the likes of Gorilla, Robinhood and Stripe. Existing investors of Payhawk also participated in the funding round.
The fresh capital comes just seven months after Payhawk raised $20 million in a ‘Series A’ round. Tech startups are increasingly raising money at a rapid rate and big bucks, especially in the payments space. Checkout.com nearly tripled its valuation in six months to $15 billion, and the Buy Now Pay Later business Zilch quadrupled its valuation in eight months.
Founded in 2018, Payhawk builds software for back-office finance teams that lets them manage invoices, company cards and expenses. The company offers its ‘one stop shop’ product to high-growth businesses, including Wedgestream, and says transactions on its platform are growing at a monthly rate of 45%.
CEO and Founder, Hristo Borisov, said: “Managing company cards, particularly reports, bill payments and invoicing is currently a disconnected experience through a lot of manual work by financial teams. We operate on a global payments infrastructure. Enterprises are building software that automates all spending processes.”
Patrick Backhouse, partner at Greenox, said: “Ask any business owner, and they’ll tell you that managing corporate expenses is one of the most frustrating parts of running a company. It requires significant manual work that involves an employee’s time. And there’s ample room for error.”
The company operates across Europe and plans to use the new funding to expand into the US, Australia and Singapore next year. Payhawk is also looking to launch a company credit card for corporate customers.
Borisov said: “Our strong product background and engineering team allow us to move forward at a break-neck pace. This, in turn, will enable global enterprises and rapidly growing technology companies to change how they manage their corporate spending. How to manage, and improve efficiency while unlocking employees’ time to be better spent elsewhere.”
Backhouse said: “We are thrilled to see how quickly they have grown, already serving a truly global customer base that is attracted by powerful and enjoyable software. We love that painstaking expense reports and bill payments. Should be a thing of the past, and we’re excited to partner with Payhawk on our way to get there.