Payhawk closes $20m Series A investment round
European payments and expense management platform Payhawk has raised $20 million in a Series A funding round, led by QED Investors.
Known for its investments in 18 fintech unicorns such as Klarna and Nubank, QED Investors joined existing investors Earlybird Digital East in the round.
Payhawk co-founders: Hristo Borisov, CEO (right) and Boyko Karadzhov, CTO (left)
By providing one platform that closes the gap between banks and enterprise resource planning (ERP) systems, Payhawk enables finance teams to use a single solution rather than several separate tools.
Payhawk has seen 10x growth in 2020 and doubled its revenue in Q1 of 2021.
The new investment will be used to triple its sales and marketing team, expand its offering to companies outside the EU and UK, streamline cashflows from existing bank accounts to Payhawk, add new currencies and introduce new payment methods, including credit cards.
“The company’s product fundamentals are exceptionally strong, and industry trends are working in the company’s favour too,” says Yusuf Ozdalga of QED Investors, who joins the Payhawk board. “As budgets are more typically managed online by remote teams, there is unprecedented demand for cost-effective finance solutions.”
Payhawk CEO and founder Hristo Borisov states the investment will help the company to scale up to fulfil its future ambitions.
“Over the next year, we are keen to provide great support to finance teams across 30+ countries to manage company cards, invoices and payments in a unified and efficient way,” he adds. “We plan to significantly expand our integrations to existing ERP systems, and also easily connect on top of every business bank account across Europe and beyond.”
The company also plans to tap further into artificial intelligence (AI) and machine learning (ML) to introduce smart workflows and cut down on manual reviews.
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