Payhawk raised $112m in the second-largest Series B funding round in Central and Eastern Europe

By Joy Dumasia

Payhawk, the payments and expense solution with offices in London, Sofia, Berlin and Barcelona, has raised $112 million just three years after its inception, valuing the company at $570m. The Series B round is led by the San Francisco-based investor Greenoaks, who has a strong track record of investing in high-growth technology companies such as Gorillas, Robinhood, Stripe and Brex. All existing investors, including QED Investors, Earlybird Digital East and Eleven Ventures, participate in the round.

In 2021, Payhawk introduced 3% cashback on all payments, new enterprise features, free bill payments, and support for Apple Pay and Google Pay in 30 countries. Since its Series A round, transaction volume through the platform has increased by 663% and continues to grow at 45%+ month-on-month in October. 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 opening offices in the U.S., the Netherlands, Australia and Singapore, enabling the company to expand its product offering by introducing credit cards and allowing smarter and cheaper cross-border transactions on top of its invoice management system. 

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 boost its enterprise focus, the company has appointed Paul Albert as SVP Global Sales, who will lead direct sales, partnerships and customer success.

Hristo Borisov, CEO and Founder at Payhawk, said: “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.”