Payhawk is a spend management solution for business use. Payhawk combines corporate cards, reimbursable expenses, accounts payable, and accounting software integrations into a single platform.

History

Payhawk was founded in 2018 in Sofia, Bulgaria by Hristo Borisov, Konstantin Dzhengozov, and Boyko Karadzhov.^{[1][2][3][4][5][6][7]} Payhawk operates internationally with offices in Europe and USA.^{[8][9][10][11][12]}

The company provides a spend management solution^[13][14][15] which includes a web application, mobile app, and features such as corporate cards, expense management software, accounts payable software, reimbursements, invoice management, and enterprise credit cards.^[16][17][18] Payhawk can be integrated with ERP and accounting software systems.^[19][20]

In March 2020, Payhawk received its initial seed funding of $3.6 million.^[21][22][23] In April 2020, the company raised $20 million in its Series A funding round.^[24][25][26] In November 2021, the company raised $112 million in its Series B funding round led by Greenoaks Capital, bringing the company's valuation to $570 million.^[27][28] In March 2022, in an extension of its Series B funding round, Payhawk secured an additional $100 million, bringing its total valuation to $1 billion.^{[29][30][31][32]}

In September 2022, Payhawk launched in USA, opening an office in New York and introducing their Visa credit card for US based clients.^{[33][34][35][36]} The following month, Payhawk launched its business credit card in the UK.^[37] In March 2023, Payhawk launched a zero-interest Visa credit card for eligible USA and UK based clients.^[38][39][40]

Competitors

• ExpenseOnDemand
• Coupa
• Expensify
• Expedia Group's Corporate Travel
• Navan
• Snowfall

References