Payhawk, a London, UK-based payment and expense solution provider, raised $100M in Series B funding at a valuation of $1bn.
The round, which extends Payhawk’s Series B round to $215m, was led by Lightspeed Venture Partners, with participation Sprints Capital, Endeavor Catalyst, HubSpot Ventures and Jigsaw VC.
The company intends to use the funds to further grow its product team, double down on its efforts to build enterprise features, and expand the sales and marketing team for new market penetration in 2022. The capital will be used to further grow Payhawk’s product team by adding 60 additional senior software engineers in Sofia, add new features like mileage tracking and per diem, and expand existing features for enterprise customers, including Oracle Netsuite integration, Subscription Management and Budgets.
Founded in 2018 by Hristo Borisov and Boyko Karadzhov and later joined by Konstantin Dzhengozov, Payhawk is a financial platform that combines expense management, payments and invoice management in one solution and works as a one-stop-shop for finance teams. Its customer base consists of a mix of fast-growing and mature multinational companies like LuxAir, Lotto24, Viking Life, Gtmhub, Flink, MacPaw and By Miles.
The company has offices in Sofia, Bulgaria, Berlin, Germany and Barcelona, Spain, and is set to open offices in Amsterdam and Paris in March, and in New York in September.
FinSMEs
01/03/2022