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Payhawk to go global on $112 million funding round

Payhawk to go global on $112 million funding round

Payhawk, the London-based and Bulgarian-founded fintech that provides businesses with a unified platform for managing cards, payments, invoices and expense management, has raised $112 million, valuing the three-year old company at $570 million

The Series B round is led by the San Francisco-based investor Greenoaks, alongside existing investors, QED Investors, Earlybird Digital East and Eleven Ventures.

QED was the lead investor in a $20 million round concluded in April of this year.

The firm, which has offices in London, Sofia, Berlin and Barcelona and whose customer base consists of a mix of scale-ups and corporates in 27 countries across Europe, intends to use the funding to open offices in the US, the Netherlands, Australia and Singapore and to further expand its product offering by introducing credit cards and allowing low-cost cross-border transactions on top of its invoice management system.

Hristo Borisov, CEO and founder at Payhawk, says: "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. 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"

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