Bulgarian fintech firm Payhawk, which is said to be a specialist in corporate expense management, is reportedly engaging in preliminary talks for a fresh capital injection that could elevate its valuation to approximately $2 billion. Sources indicate the company aims to secure over $100 million in this round, effectively doubling its prior $1 billion unicorn status achieved in 2022.
Founded in 2018, Payhawk has carved a niche in the burgeoning field of automated spend control solutions.
The platform integrates tools for handling employee cards, travel expenses, supplier payments, invoices, and cash flows, reducing manual processes for finance teams.
Notable clients include Dutch e-scooter company Dott and UK-based restaurant group Gaucho.
In 2024, Payhawk reported annual recurring revenue of €39.5 million (around $46.2 million), underscoring steady growth in a competitive landscape.
Previous investors, such as Lightspeed Venture Partners and Greenoaks Capital, backed Payhawk’s rapid ascent, including a $215 million Series B extension in 2022 that propelled it to unicorn valuation.
The potential new funding comes amid a resilient European fintech sector, where mature players continue to attract capital despite fierce competition from AI ventures.
Analysts note that Europe’s fintech ecosystem remains robust, with established companies like Payhawk benefiting from operational maturity.
PitchBook‘s Navina Rajan highlighted the sector’s endurance, pointing out significant valuation increases for non-AI fintechs on the continent.
This contrasts with challenges faced by peers, including pressure from U.S. companies like Brex, which boasts projected 2025 net revenue of $500 million and recent EU expansion.
As first reported by Bloomberg, the discussions are at an early stage, with terms potentially shifting, and Payhawk has declined to comment publicly.
If it’s finalized, then this round would signal renewed confidence in spend management tools, a category that has proliferated over the past decade to streamline enterprise finances.
As global businesses increasingly prioritize efficiency amid economic uncertainties, Payhawk’s trajectory reflects broader trends in European tech sector advancements.
Competitors like Pleo and Spendesk have also emerged as unicorns, yet face intensifying rivalry from well-funded international players.
This funding effort could position Payhawk for further product enhancements and market expansion in 2026, potentiall solidifying its role in modernizing corporate spending.
