With an extra $100 million secured to bring its Series B round total to $215 million, London-based and Bulgarian-founded Payhawk has become the first-ever Bulgarian startup to reach unicorn status. Payhawk offers organizations a unified system for handling cards, transactions, invoicing, and cost planning.
The last round valued the firm at $570 million in November 2021.
By adding credit cards and enabling low-cost cross-border exchanges on top of its billing control framework, the company, which has offices in London, Sofia, Berlin, and Barcelona and a customer base made up of a combination of scale-ups and corporates in 27 countries across Europe, hopes to further broaden the scope of its product offering.
With the extra funding, Payhawk will also expand its product team in Sofia by hiring 60 more senior software engineers to fulfill the rising demand from customers for new services like mileage monitoring and per diem in light of the increased profitability of business travel. Additionally, current corporate customer services like budgeting, subscription management, and Oracle Netsuite connectivity will be expanded.
Payhawk is planning to establish operations in Amsterdam, Paris, and New York starting in March and September, respectively, building on the momentum created by the initial infusion of Series B funding. By the end of this year, the company’s staff is expected to quadruple from 100 to more than 300, and the additional resources will be used to redouble efforts in sales and marketing to expand the market.
Payhawk, a B2B platform founded in 2018, offers finance departments a centralized location to handle every stage of the spending lifecycle, from business cards and costs to bills and invoices. The firm believes it can help businesses avoid costly human labor and mistakes.
With clients in 30 countries and a variety of sectors, currencies, and forms of payment, the organization has risen in recent years as the top network for major SMEs and corporate clients. It asserts that in only the previous three months alone, the business has increased by 80%.
Software for spending management is simply one aspect of Payhawk. As per Arsham Memarzadeh, a partner at Lightspeed Venture Partners, which played an important part in this most recent round in association with HubSpot Ventures, Sprints Capital, Jigsaw VC, and Endeavor Catalyst. “It is a one-stop destination for finance teams to cement the previously unrelated systems required to splurge, record, method, and budget corporate funds.”