The Bulgarian startup Payhawk has raised $112 million in a Series B round. This is the second-largest ever Series B financing round for a B2B company in the CEE region after UiPath and is the largest and fastest Series B in the spend management space across Europe.
The round was led by the San Francisco-based investor Greenoaks, who has a strong track record of investing in high-growth technology companies such as Gorillas, Robinhood, Stripe, Checkout.com, and Brex. Other investors, including QED Investors, Earlybird Digital East, and Eleven Ventures are also participating in the round.
“Ask any business owner, and they’ll tell you that managing corporate spend 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. We’ve been thrilled to see how fast they’ve grown, already serving a truly global customer base that’s attracted by powerful and delightful software,” said Patrick Backhouse, a Partner of Greenoaks.
In a nutshell, Payhawk closes the gap between corporate cards and expense management by providing a product that works on top of existing banks. The software allows CFOs, business owners, and accountants to easily manage the entire spending lifecycle, including issuing real-time reports and setting spending policies. Founded just three years ago, in 2018, the fintech startup has now reached a valuation of $570 million.
Payhawk currently serves companies in 27 countries with its company cards and spend management platform across Europe and will continue its global expansion with aims to open offices in the US, Netherlands, France, Australia, and Singapore. At the moment, the fintech has offices in London, Sofia, Berlin, and Barcelona.
“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 allows 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, and improve efficiencies while unlocking employee time to be better spent elsewhere,” said Hristo Borisov, CEO and Founder at Payhawk.
In April 2021, just 7 months ago, Payhawk raised $20 million in a Series A round, setting sight on expanding beyond the EU and the UK.