London-based Payhawk, a corporate expense management company, has secured €3 million in seed funding.
Founded in Bulgaria, Payhawk’s paperless expense management platform aims to improve the corporate expense management process. The Fintech firm allows companies to add funds to employee cards and automatically process transactions and their expense reports.
Payhawk, which presently serves clients in 14 different countries across the European Union, will use the capital raised to shift its focus to a new sales office it has established in Berlin. The company is reportedly planning to expand its operations in Germany.
The UK-based Fintech firm’s investment round was led by Earlybird’s Digital East Fund, an early backer of N26.
Berlin-headquartered TinyVC and several other angel investors, including former Visa commercial chief Mark Antipof and Keith Robinson, Sage’s chief strategy officer, also took part in the round.
Hristo Borisov, CEO and founder at Payhawk, stated:
“In many companies, expense management is still far too bureaucratic, non-transparent and full of paperwork. Many employees are forced to spend personal funds, manually track expenses with the legacy expense apps, write cumbersome reports and wait months to get reimbursed.”
Borisov added:
“Our payment solution addresses exactly this pain point and supports businesses in their transition to a new, paperless and digital age without being forced to switch banks.”
Roland Manger, co-founder and partner at Earlybird, noted:
“Neobanks paved the way for great customer experience in payments.”
Manger pointed out that artificial intelligence (AI) and machine learning have been outperforming manual data entry of invoices and cloud-powered expense management apps have existed for over 10 years.
He explained that Payhawk has combined “the best of what exists today and integrated it into a next-generation platform with a great customer experience without forcing businesses to switch banks.”
