Payhawk provides a unified B2B payment stack that centralizes payments in a modern interface, issuing dedicated IBANs and offering virtual and physical cards alongside expense software. Customers can upload funds, use cards with rules, budgets and approval workflows, and receive 3% cash back on card payments (capped at the subscription price). The platform supports cash reimbursement, outgoing bank transfers for bills, and integrations with ERP and accounting systems to simplify reconciliation. Payhawk operates in 30 countries and has offices in London, Sofia, Berlin and Barcelona, with plans to open offices in Amsterdam, Paris and New York. Its annualized recurring revenue has been doubling every quarter for the past few quarters, reflecting strong growth. Planned product additions include Oracle NetSuite integration, subscription management, and enhanced budgeting features. Payhawk provides an all-in-one financial management solution with dedicated IBAN accounts, virtual and physical cards, approval workflows, and integrations with ERP and accounting software. The product covers payments, invoice collection, expense reconciliation, employee reimbursements, and bill payments without outgoing bank transfer fees. Payhawk charges no conversion fees for EUR, GBP and USD, applies a 1.99% exchange markup for other currencies, and recently introduced 3% cashback on card payments capped at the subscription price. The company generates revenue primarily from interchange fees and reported a 663% increase in transaction volume since its Series A earlier this year, indicating rapid revenue growth. Payhawk currently has offices in London, Sofia, Berlin and Barcelona and serves customers across 27 European countries, with concentrations in the U.K., Germany, Spain, Belgium, the Netherlands and Luxembourg. The company plans to open offices in the U.S., the Netherlands, Australia and Singapore and is working on credit cards and improved cross-border transactions. Payhawk, founded in 2018, provides a one-stop platform that combines tools for payments, invoices and expense management to bridge banks and ERP systems. The company serves finance teams with a single solution across 30 countries. Its product roadmap includes new payment products (including credit cards), support for additional currencies with FX rates, and streamlined cash flow from existing bank accounts to Payhawk. Payhawk plans to accelerate its use of AI and machine learning to introduce smart workflows and reduce manual review and approval. It also intends to triple its marketing and sales team in 2021 to grow presence in the UK, Germany and Spain. Customers named in the articles include LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles. Payhawk provides a paperless corporate card and platform that simplifies and automates expense management for businesses. Its platform enables CFOs and business owners to manage the entire spending lifecycle end-to-end, from employee requests to loading corporate cards, invoice collection, accounting reconciliation, and real-time reporting. Launched in Sofia, Bulgaria, the company serves customers in 14 European countries and has made Berlin its new sales headquarters while investing in a local German market presence. The company is led by CEO Hristo Borisov, CFO Konstantin Djengozov and CTO Boyko Karadzhov. Payhawk closed a €3m seed funding round and intends to use the proceeds to continue expanding operations and its business reach across Europe. Payhawk.io provides an expense management system that issues instant digital and physical debit cards for employees, lets managers set budgets and limits, and enables real-time expense monitoring. The software extracts data from uploaded invoices and delivers structured reports for accountants. Founded in summer 2018, the company officially launched its product in February 2019 and quickly acquired paying customers across three markets. Since launch the seven-person team has signed eleven clients in the UK, Germany and Bulgaria, serving startups (~20 employees) and larger firms up to 150 employees, with pricing starting from €10 per user per month. Payhawk.io runs R&D in Sofia and maintains a sales office in London while supporting Bulgarian currency and a Cyrillic interface. The company targets the UK and Germany and has secured strategic partnerships with Visa and Wirecard following recognition at the Paris Fintech Forum. It plans to use new funding to double the team and develop its UK sales office.

Total raised

$236M

Funding rounds

5

Latest round

Series B

Latest activity

Feb 2022