Payhawk lands 112 million US dollars

The Series B round was led by an investor from San Francisco.

The start-up Payhawk raised 112 million US dollars just three years after it was founded, increasing its enterprise value to 570 million US dollars. The company for corporate credit cards has offices in Berlin, London, Sofia and Barcelona. It started out in Bulgaria and the German market is one of its main focuses.

The Series B round is led by the investor company Greenoaks, based in San Francisco. The firm has previously invested in tech companies such as Gorillas, Robinhood, Stripe and Brex. All existing investors, including QED Investors and Earlybird Digital East, also invested again.

"Managing corporate cards, expense reports and invoice payments today is often still a fragmented process that is pieced together by finance teams through manual extra work," says Payhawk CEO Hristo Borisov. "We are developing enterprise software that is based on a global payment infrastructure and automates all spend processes." Patrick Backhouse, Partner at Greenoaks, is optimistic about the future of the company: "We are excited about how quickly the company has grown and is already serving a global customer base."

Payhawk claims to want to reduce the workload for companies' finance departments. This is possible by combining software tools for managing payments, invoices and expenses. According to the company, the solution has become the world's leading platform for large SMEs and multinational companies with several branches.