Payhawk, a spend management FinTech company, announced it has become a principal member of Visa Europe. This membership will enable Payhawk to issue Visa cards directly, without relying on third parties, giving the company greater control over its payment infrastructure.
The ability to issue Visa cards directly will not only accelerate innovation for Payhawk but also ensure greater service reliability and resilience, Payhawk reported Wednesday (Nov. 1) in a company post.
Hristo Borisov, CEO of Payhawk, said, “With our new Visa membership and our recently granted Electronic Money Institution (EMI) license, one of our top priorities is further expanding our payment options.”
Juha Sillanpää, Visa’s group country manager for Finland and Baltics, said, “Our partnership will help unlock opportunities for Payhawk clients, underpinned by a robust regulatory framework.”
Payhawk offers customers the choice between debit and credit cards in some markets, but the company aims to provide this flexibility to all its clients. By becoming a principal member of Visa, Payhawk has undergone a rigorous application process and passed an audit conducted by Visa to ensure compliance with operational and regulatory requirements.
By partnering with Payhawk, businesses can expect to save time, money, and effort when it comes to expense management and spend control.
In addition to the Visa membership, Payhawk was recently granted an EMI license by the Bank of Lithuania, granting access to the entire European Economic Area (EEA).
This collaboration solidifies Payhawk’s position as a one-stop shop for spend management, offering a single platform to manage all card, reimbursement and bill payments, the company said in a Oct. 24 blog post.
The new International Payments feature, developed in partnership with Wise Platform, allows Payhawk customers to make transfers in over 50 currencies across more than 160 countries directly from the platform, according to the post.