Payhawk lands $112 million
The Series B round was led by a San Francisco investor.
Start-up Payhawk raised $112 million just three years after its founding, boosting its enterprise value to $570 million. The corporate credit card company has offices in Berlin, London, Sofia and Barcelona. It started in Bulgaria, and the German market is one of its main focuses.
The Series B round is led by San Francisco-based investor Greenoaks. The firm had previously invested in tech companies such as Gorillas, Robinhood, Stripe and Brex. All of the existing investors, including QED Investors and Earlybird Digital East, also re-invested.
"Today, managing corporate cards, expense reports, and bill payments is often still a fragmented process that finance teams stitch together through manual extra work," said Payhawk CEO Hristo Borisov. "We're developing enterprise software based on a global payments infrastructure that automates all spend processes." Patrick Backhouse, partner at Greenoaks, is optimistic about the company's future: "We're excited about how quickly the company has grown and already serves a global customer base."
Payhawk claims to want to reduce the workload for corporate finance departments. It says it can do this by unifying software tools for managing payments, invoices and expenses. The solution has become the world's leading platform for large mid-sized and multinational companies with multiple offices, according to the company.
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