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Spend management platform Payhawk expands to the US

Spend management platform Payhawk expands to the US

European spend management platform Payhawk is entering the US market off the back of a record year of growth, in which revenue has risen by over 520%, and employee headcount by 250%.

Headquartered in London, Payhawk combines company cards, reimbursable expenses and accounts payable into a single product, the Bulgarian-founded company's customer base includes fast-growing and mature multinational companies in 32 countries.

In March, Payhawk 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 company has opened a waitlist in the US for scale-ups with the first customers going live in October. Early adopters of the company's US Visa credit card will be rewarded with a 1.5% cashback offering.

The credit card offers credit limits up to $250,000 USD and customisable spend policies, while the Payhawk's spend management platform integrates with multiple enterprise ERP systems for real-time reconciliation, and offers the ability to manage multiple international entities from a single dashboard.

Hristo Borisov, co-founder and CEO, Payhawk, says: “Our goal is to focus on providing the best solution on the market for global scaleups and enterprises. Naturally, these businesses have an international presence, and we want to cater for that. Today, more than 10% of our customer base is already on a waiting list for our US credit card."

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