Wirecard said Payhawk will receive the reward of its “tailor-made corporate expense card solution,” which comes with card infrastructure in addition to its payment space knowledge, the announcement states.
Wirecard’s Head of Sales and Project Management for Financial Institutions Leonard Coen said in the announcement, “Wirecard began as a startup 20 years ago. Even as a DAX company, we still have that startup culture in our DNA and are always looking to foster other young and exciting companies. Payhawk is one such startup, innovative with a solid business plan, and we are delighted to be supporting such a promising FinTech on their path to success.”
The cards will come in both a digital and tangible medium, and managers can supervise budgets in real time. Payhawk, which was started in 2018, triumphed at the Paris FinTech Forum’s Startup Challenge last year, according to the announcement. The company earned rewards such as advisory help and set-up support from Visa as well as Wirecard.
Payhawk provides small- to medium-sized businesses (SMBs) with a business expense and spend management offering, with the inclusion of the novel Wirecard-issued business card. The FinTech offers an internet interface and app to provide business customers with a detailed dashboard for management and openness regarding the expenditures, travel costs and other transactions of their staffers.
Payhawk Co-Founder and CEO Hristo Borisov said in the announcement, “Together with Wirecard and Visa, we are happy to provide an efficient and compliant solution to manage company spend end-to-end and enforce spend policies and budgets directly on cards.”
In March, Payhawk notched $3.35 million in seed funding, mainly assisted by the Digital East Fund of Earlybird. It was noted at the time that the funds would be used for making a strong presence in Germany after the company had recently debuted a Berlin office.
Other contributors encompassed TinyVC of Berlin; Keith Robinson, the chief strategy officer of Sage; and Mark Antipof, the former European Visa chief commercial officer.