Payhawk, a London, UK-based provider of a platform for payments and expense management, raised $20m in Series A funding.
The round was led by QED Investors, with participation from existing investor Earlybird Digital East. Yusuf Ozdalga will join the Payhawk board alongside existing investors Mehmed Atici from Earlybird Digital East and Vassil Terziev from Eleven Ventures.
The company intends to use the funds to:
- expand coverage for businesses outside the EU and UK;
- add new payment products including credit cards;
- support additional currencies with FX rates; streamline the cash flow from existing bank accounts to Payhawk,
- accelerate its use of AI and machine learning, in order to introduce smart workflows,
- reduce the need for manual review and approval,
- triple its marketing and sales team in 2021, in order to increase presence in the UK, Germany and Spain.
Founded in 2018 by Hristo Borisov and Boyko Karadzhov, Payhawk acts as a one-stop-shop, combining tools for payments, invoices and expense management and closing the gap between banks and ERP (Enterprise Resource Planning) systems. Instead of using 5-6 tools across multiple markets, the company delivers a single solution for finance teams that can serve their businesses in 30 countries.
Customers include LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles, among others.