UK-based Fintech Payhawk, a corporate expense management solution provider that secured €3 million in seed funding in March 2020, has teamed up with Visa in order to issue business cards that offer 0.50% exchange rates.
The Payhawk team says that by working with the payments giant, they’ll help financial leaders across Europe with better managing their company cards “at scale” and also in a tax compliant manner.
Payhawk will also be partnering with German payment provider Wirecard to offer Visa debit cards to businesses based in 13 different European countries, including the UK, Germany, Spain and Bulgaria.
Payhawk’s customers in these areas may use the Fintech firm’s virtual and physical Visa cards which can be used to make payments anywhere Visa is accepted. The card works for in-store and online purchases. Users can also make ATM withdrawals using the card.
Since 2018, Payhawk has been assisting companies with managing their finances by offering expense management tools.
The company stated:
“The cooperation with Visa [will help us] … address the complexity of managing company cards and dealing with expenses that SMEs across Europe face. With Payhawk, CFOs, finance teams and accounting departments are able to manage up to ten company Visa cards per employee without the need to do reconciliation or ‘chase’ receipts.”
Each Payhawk business card may be used to manage company budgets, establish spend limits and handle more complex request and approval workflow.
(For more details about the card, please check here.)
Hristo Borisov, co-founder and CEO at Payhawk, stated:
“To build our product, we have been working closely with Visa since 2019. The constant feedback we got from finance leaders in SMEs is how much time they waste reconciling card statements, tracking expenses, handling paper, manually entering data and trying to enforce spend policies and budgets.”
“In early 2020, we accepted Visa’s invitation to open our German office in Berlin’s coworking space Spielfeld, where we could further develop our product while being close to Visa’s SME innovation team.”
Jana Lvova, head of Fintech Delivery, Visa, remarked:
“Visa is committed to supporting Fintechs advance their potential and get to market quickly, so they are ready to provide innovations that move the world forward everyday – especially in current times.”
Lvova confirmed that Payhawk took part in the Visa Innovation Program last year. The program reportedly supports early-stage Fintech firms by helping them turn their proof of concepts or ideas into practical business models.