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 an additional $100m to extend its Series B round to $215m, in the process becoming the first ever Bulgarian company to achieve unicorn status.
The previous round in November 2021 valued the company at $570m.
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, aims to further expand its product offering by introducing credit cards and allowing low-cost cross-border transactions on top of its invoice management system.
The fresh capital will also be used to grow Payhawk’s product team by adding 60 additional senior software engineers in Sofia with the aim of meeting growing customer demand for new features like mileage tracking and per diem, in light of the incremental return of business travel. Other existing features for enterprise customers will be extended too, including Oracle Netsuite integration, subscription management and budgets.
Building on the momentum from the first influx of Series B capital, Payhawk is set to open offices in Amsterdam and Paris in March, and in New York in September. The company’s headcount is also set to triple from 100 to more than 300 by the end of this year, with the extra funds set to fuel a renewed sales and marketing push for further market expansion.