Payhawk raises $112 million in round 2

Greenoaks is leading the round, with all existing investors participating once again.



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Christy Gren



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4 days ago




Payhawk, the expenses and spend management startup with a focus on European customers, has raised a $112 million Series B round at a $570 million valuation.

Greenoaks is leading the round, with all existing investors participating once again. Greenoaks previously invested in high-growth companies like Checkout.com, Robinhood, Stripe and Brex.

Payhawk can be used for any business registered in the UK or EU and therefore, allows companies to roll-out the solution across all subsidiaries across Europe. In a bid to further simplify the payment process, customers can now get their own account with a dedicated IBAN. They can connect this Payhawk account to their existing bank account to load and withdraw funds.

Customers can issue virtual and physical cards for employees with set rules such as a team budget or an approval workflow. This way, employees don’t have to pay with their personal cards.

There are no conversion fees with transactions in EUR, GBP and USD. For other currencies, Payhawk charges a 1.99% exchange markup. 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 it’s Series A round, transaction volume through the platform has increased by 663% and continues to grow at 45%+ month-on-month.

Greenoaks

In Europe, Payhawk competes with Spendesk, Pleo, Revolut Business and others.

Patrick Backhouse, a Partner of Greenoaks, said, “Ask any business owner, and they’ll tell you that managing corporate spend is among the most frustrating parts of running a company. It requires significant manual work that consumes employee time and introduces substantial room for error.

Payhawk turns a fragmented process into a seamless one, providing a single place to manage the entire spending lifecycle from company cards to expenses and bill payments to invoices. We’ve been thrilled to see how fast they’ve grown, already serving a truly global customer base that’s attracted by powerful and delightful software. We think that painful expense reports and bill payments should be a thing of the past, and we are excited to partner with Payhawk on the way to getting there.”

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. Payhawk aims to expand to the U.S., the Netherlands, Australia and Singapore. It will extend its product offering by introducing credit cards and allowing smarter and cheaper cross-border transactions.

“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 breakneck speed,” co-founder and CEO Hristo Borisov said in a statement.

In Europe, Payhawk competes with Spendesk, Pleo, Revolut Business and others.

Christy Gren
Christy Gren is an Industry Specialist Reporter at Industry Leaders Magazine she enjoys writing about Unicorns, Silicon Valley, Startups, Business Leaders and Innovators. Her articles provide an insight about the Power Players in the field of Technology, Auto, Manufacturing, and F&B.

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