Payhawk, a London, UK-, Berlin, Germany- and Sofia, Bulgaria-based provider of a paperless corporate card that simplifies expenses for businesses, closed a €3m seed funding round.
The round was led by Earlybird with participation from TinyVC, Mark Antipof, Keith Robinson, other existing angel investors and Eleven Ventures.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Hristo Borisov, CEO, Konstantin Djengozov, CFO, and Boyko Karadzhov, CTO, Payhawk provides a platform that enables CFOs and business owners to manage the entire spending lifecycle end-to-end, from the moment an employee requests money, to loading their corporate card with funds, paying and collecting the invoices, to reconciling all transactions in the company accounting software, and finally generating real-time, up to date reports.
Launched in Sofia, Bulgaria, the company currently serves customers in 14 European countries. the startup makes Berlin its new sales headquarters and is investing in a local German market presence.