Payment Solutions Provider Payhawk Receives $112 Million in FundingNovember 24, 2021
Payhawk, one of the fastest-growing payment and expense solutions providers, became the latest fintech firm to cross the valuation of $500 million after the company received $112 million worth of funding in its Series B round.
The latest investment is one of the biggest funding rounds for a B2B company in the CEE region. The equity round was led by US investor Greenoaks, who previously invested in high-growth companies like Checkout.com, Robinhood, Stripe, and Brex.
Payhawk mentioned that the funding will support the company’s plan to expand its operations through the opening of different offices in the Netherlands, Australia, and Singapore. Additionally, Payhawk also aims to enhance its marketing and sales team to drive its growth.
“Ask any business owner, and they’ll tell you that managing corporate spending is among the most frustrating parts of running a company. It requires significant manual work that consumes employee time and introduces substantial room for error. Payhawk turns a fragmented process into a seamless one, providing a single place to manage the entire spending lifecycle from company cards to expenses and bill payments to invoices,” Patrick Backhouse, a Partner of Greenoaks, said.
Payhawk is currently working on technical solutions related to payments, expense management, and invoice management. Founded in 2018, the London-headquartered fintech company has expanded its services substantially in 2021. The recent funding round also saw participation from the company’s existing investors, including QED Investors, Earlybird Digital East, and Eleven Ventures.
Hristo Borisov, CEO and Founder at Payhawk, said: “Managing company cards, especially reports, bill payments, and invoices is currently a disconnected experience bridged 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 enterprises and fast-growing technology companies to transform how they manage their company spending.”
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