B2B spend management startup Payhawk closed a $112 million Series B all equity round, the biggest Series B in Central and Eastern Europe for a B2B company, and comes just seven months after a $20 million Series A.
The Series B was led by U.S. investor Greenoaks, with participation from QED Investors, Earlybird Digital East and Eleven Ventures.
Hristo Borisov, CEO and founder at Payhawk, said in a press release on Tuesday (Nov. 23) that the company is striving to help businesses automate all spend processes, many of which are uncoordinated manual tasks.
“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,” Borisov said.
He added that the company can move at “break-neck speed” due to its “strong product background and engineering team.”
Payhawk offers company cards and spend management solutions across 27 countries in Europe with plans to continue expanding worldwide. Offices are being eyed in the U.S., Netherlands, France, Australia and Singapore. Founded in 2018 and headquartered in London, with offices in Sofia, Berlin and Barcelona, Payhawk was last valued at $570 million.
The fresh infusion of capital will go towards developing and launching new products, starting with the roll out of a credit card in the first quarter of next year, and introducing low-cost cross-border transfers that would function as a substitute to SWIFT payments.
“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,” said Patrick Backhouse, a partner at Greenoaks. “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.”