Payhawk, a global spend management solution and the first Bulgarian unicorn, has obtained an Electronic Money Institution (EMI) licence, allowing it to provide payment services and credit to its customers.
The licence, granted by the Bank of Lithuania, confirms that Payhawk adheres to robust capital, regulatory, and security standards. This milestone also marks the opening of a new office in Lithuania, bringing Payhawk’s global presence to eight offices.
“We are thrilled to achieve another important milestone in our journey to reinvent how businesses spend,” said Hristo Borisov, CEO and Co-founder of Payhawk. “Exceptional product development combined with a relentless customer focus is in Payhawk’s DNA, and the licence unlocks new innovation possibilities for us. By controlling more of the payment processing stack we can move faster and optimise the infrastructure to best address the needs of our clients – fuelling innovation.”
Over the past 12 months, Payhawk has experienced significant growth, including the opening of an office in New York and Lithuania and an 82% increase in headcount.
With the EMI licence, Payhawk aims to accelerate innovation and offer more payment options to its clients. The company currently serves clients in 32 countries and provides a single global solution for corporate cards, reimbursable expenses, accounts payable, and seamless accounting and ERP software integrations.
“With the new licence, one of our top priorities is further expanding our payment options. For example, we currently offer customers the choice between debit and credit cards in some markets, but we want to offer this flexibility to all our clients,” shares founder Hristo Borisov.
In the future, Payhawk plans to focus on serving mid-market and enterprise clients, with a particular emphasis on new features and integrations.