FinTech Payhawk launches NextGen company cards

By Megha Bhattacharya

European FinTech Payhawk has announced the launch of a NextGen company card. The new cards aim to encourage finance teams to implement spend rules directly on company cards based on locations, budgets, merchants, spend categories or days and times when cards can be used. The NextGen cards recognize unauthorized spend on every swipe and prohibit usage that doesn’t comply with the company spend policy.

“The inability to control company cards and easily collect outstanding receipts are the main reasons why finance leaders prefer employees to spend personal funds and then wait for reimbursements. On the other hand, according to our recent survey in Germany, 55.1% of employees would prefer to have access to a company card instead of spending personal funds. We take the pressure off by providing cards with built-in spend rules, and we fully automated the collection of outstanding receipts from the company cards.” said Hristo Borisov, Co-founder and CEO of Payhawk.

“Finance teams will also benefit from our AI-assisted data extraction algorithms that read receipts and invoices in more than 60 languages to simplify the manual data entry for pre-accounting purposes.” continues Borisov.

According to Payhawk, the new cards will be shipped in December. The NextGen company cards also allow finance teams to issue team cards. Each team card comes with a shared budget and a name (SaaS purchases, Sales tools, Marketing spend etc.) while every team member receives a personal card linked to the team card.

Recently, Wirecard announced that it has partnered with Bulgarian FinTech Payhawk in a bid to launch a new Visa corporate card in an attempt to offer companies with a solution to manage their corporate expenses. Payhawk is expected to leverage Wirecard’s customised corporate expense card solution that includes end-to-end card infrastructure, etc.