Payments and expense management platform Payhawk has raised a Series A $20 million financing round led by QED Investors.
Existing investor Earlybird Digital East, which led a $3.6 million seed round in March 2020, is also contributing fresh capital.
Payhawk acts as a one-stop-shop for integrated payments, invoices and expense management tools for finance teams that can serve businesses operating in 30 countries.
The company has posted 10x growth in 2020, and doubled its revenue in Q1 of 2021. Its customer base consists of a mix of fast-growing and multinational companies including LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles.
The company says it will use the fresh capital to expand coverage for businesses outside the EU and UK and add new payment products including credit cards. It plans to triple its marketing and sales team in 2021 as part of a push to increase its market presence in the UK, Germany and Spain.
Payhawk CEO and founder Hristo Borisov says: "We plan to significantly expand our integrations to existing ERP systems, and also easily connect on top of every business bank account across Europe and beyond. To do this, we need to invest in building the right setup and team to scale further, and the new funding round will enable us to do this”