Payhawk continues to spread its wings, raises $115 million in new capital

Company payments and expense management firm Payhawk has closed a $115 million Series B round, just 7 months after sealing the deal on a $20 million Series A round. According to our records, this would make Payhawk’s round the second-largest ever Series B for a B2B company in the CEE region, preceded only by UiPath. The new funds are slated to accelerate the company’s product roadmap as well as beef up the sales and marketing teams. To date, the Bulgarian firm has raised $139.1 million and has a valuation of $570 million.

Co-founded in 2018 Payhawk aims to simplify the lives of the finance department, namely by unifying a series of disjointed tools used to manage cards, payments, invoices and expenses. The startup acts as a one-stop-shop and reduces the manual processes, as well as provides finance teams the ability to keep a close eye on budgets, all in real-time.

Since the Series A round back in April of this year, Payhawk is reporting an increase in transaction volumes by 663% and a continued grow rate of 45%+ month-on-month in October. Amongst its customer base, Payhawk counts both scale-ups and enterprises alike including names such as A.T.U, Luxair, Flink, Viking Life, and Wagestream.

"We are building enterprise software running on global payments infrastructure that automates all spend processes. Our strong product background and engineering team allows us to move at break-neck speed. This, in turn, will enable global enterprises and fast-growing technology companies to revolutionise how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere," explained CEO Hristo Borisov.

Payhawk’s Series B round was led by Greenoaks, with all existing investors, including QED Investors and Earlybird Digital East participating.

“Ask any business owner, and they’ll tell you that managing corporate spend is among the most frustrating parts of running a company. It requires significant manual work that consumes employee time and introduces substantial room for error. Payhawk turns a fragmented process into a seamless one, providing a single place to manage the entire spending lifecycle from company cards to expenses and bill payments to invoices,” concludes Greenoaks partner Patrick Backhouse.