New-age payments and expenditure solution, Payhawk, confirms a new $112 million funding round. This comes three years since launch, with the valuation of the company now at $570 million. The company has offices in Sofia, London, Barcelona, and Berlin. The main investor is Greenoaks from San Francisco, which has investments in Brex, Robinhood, Stripe, and Gorillas under its belt. Other participants include existing investors like Eleven Ventures, QED Investors, and Earlybird Digital East.
Finance divisions are still grappling with higher manual workloads, necessitating their usage of several disconnected tools. These pertain to invoices, payments, cards, and expense management solutions. Payhawk lowers manual activity by combining these crucial components on a single platform. It functions as a one-stop solution for finance divisions.
With several high-growth entities seeking the digitization of financial procedures, Payhawk is one of the prominent platforms for enterprises and bigger SMEs alike. It also caters to multinational firms that have several global offices. Payhawk came out with a cashback of 3% on payments in 2021, along with Google Pay and Apple Pay support across 30 nations. It also provides free bill payment facilities alongside. The platform has seen transactions growing by 663%, with month-on-month growth of more than 45%. The clientele comprises corporate entities and others in 27 nations throughout Europe. Big nations include Viking Life, A.T.U. and Flink, along with Wagestream and Luxair.
Payhawk in 2022 will keep expanding by setting up offices in the Netherlands, U.S., and Singapore, along with Australia. The company will also scale up offerings like more affordable cross-border transactions and credit cards. The product development and expansion blueprints will be in sync with enhancing the sales and marketing teams in markets like Germany, Benelux, Spain, and the United Kingdom. The company has also brought Paul Albert as its SVP of Global Sales.