Payhawk raises £83.7m in a Series B round led by Greenoaks to accelerate global expansion.
Greenoaks led the Series B round, which values the company at $570m.
Payhawk provides a comprehensive spend management platform that combines company cards, invoices, and expense workflows into a single system. The firm serves corporate clients across dozens of countries.
Payhawk has secured $112m, equivalent to £83.7m, in a Series B funding round led by San Francisco-based Greenoaks. Existing backers QED Investors, Earlybird Digital East, and Eleven Ventures also participated in the financing.
The capital will support the company's international expansion into markets including the US, the Netherlands, France, Australia, and Singapore. Additional funds are allocated for product development, specifically rolling out a new credit card and low-cost cross-border transfer capabilities.
The business has experienced rapid transaction growth following its previous financing earlier in the year, servicing clients across 27 countries. The latest injection values the company at $570m.
From the founder
"Managing company cards, especially reports, bill payments, and invoices is currently a disconnected experience bridged by finance teams through a lot of manual work. We are building enterprise software running on global payments infrastructure that automates all spend processes. Our strong product background and engineering team allows us to move at break-neck speed. This, in turn, will enable global enterprises and fast-growing technology companies to transform how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere"
Hristo Borisov
CEO and Founder at Payhawk
Investor perspective
"Ask any business owner, and they’ll tell you that managing corporate spend is among the most frustrating parts of running a company. It requires significant manual work that consumes employee time and introduces substantial room for error. Payhawk turns a fragmented process into a seamless one, providing a single place to manage the entire spending lifecycle from company cards to expenses and bill payments to invoices. We’ve been thrilled to see how fast they’ve grown, already serving a truly global customer base that’s attracted by powerful and delightful software. We think that painful expense reports and bill payments should be a thing of the past, and we are excited to partner with Payhawk on the way to getting there."
Patrick Backhouse
Partner, Greenoaks
Use of funds
- 01Expand into international markets
- 02Continue product development
- 03Invest in sales and marketing
