UK-based Payhawk, the payments and expense solution with business offices in London, Sofia, Berlin and Barcelona, has secured $112 million in capital three years after its inception, valuing the firm at $570 million.
The Series B investment round has been led by San Francisco based investor Greenoaks, which has an established track record of investing in high-growth tech firms like Gorillas, Robinhood, Stripe and Brex. All existing investors, including QED Investors, Earlybird Digital East, and Eleven Ventures took part in the raise.
At present, finance teams are bound to a lot of manual work as they are using multiple disconnected tools for cards, payments, invoices and expense management. Payhawk aims to reduce the amount of manual work by “combining those key elements in one platform and therefore acting as a one-stop-shop for finance teams,” the announcement explained.
With high-growth firms, looking to digitize financial processes, Payhawk “emerges as the leading platform for large SMEs and enterprise customers, especially those multinationals who have multiple offices worldwide,” the update noted.
This year, Payhawk introduced 3% cashback on all payments, new enterprise features, free bill payments, as well as “support for Apple Pay and Google Pay in 30 countries.”
Since its Series A round, transaction volume via the platform has surged by 663% and continues to grow “at 45%+ month-on-month in October,” the update revealed while noting that its customer base consists of “a mix of scale-ups and corporates in 27 countries across Europe, including A.T.U, Luxair, Flink, Viking Life and Wagestream.”
In 2022, Payhawk will continue its expansion by “aiming to open offices in the U.S., the Netherlands, Australia and Singapore, enabling the company to further expand its product offering by introducing credit cards and allowing smarter and cheaper cross-border transactions on top of its invoice management system.”
The update further noted that these expansion and product build plans will “run in tandem with growing the marketing and sales team in Payhawk’s key markets of the UK, Germany, Spain and Benelux.”
To further enhance its enterprise focus, the firm appointed Paul Albert as SVP Global Sales, who will “lead direct sales, partnerships and customer success.”
Patrick Backhouse, a Partner of Greenoaks, stated:
“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. We’ve been thrilled to see how fast they’ve grown, already serving a truly global customer base that’s attracted by powerful and delightful software. We think that painful expense reports and bill payments should be a thing of the past, and we are excited to partner with Payhawk on the way to getting there.”
Hristo Borisov, CEO and Founder at Payhawk, remarked:
“Managing company cards, especially reports, bill payments, and invoices is currently a disconnected experience bridged by finance teams through a lot of manual work. 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 transform how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere.”