Payhawk Raises $20M to Revolutionize Corporate Spend Management

Payhawk Secures $20 Million in Funding

Payhawk, a fintech startup, has successfully closed a $20 million funding round. The investment is being spearheaded by QED Investors, with participation from existing investor Earlybird Digital East.

Payhawk is focused on developing a comprehensive platform for the complete management of corporate finances, encompassing both inflows and outflows of capital.

Consolidated Financial Management

Businesses adopting Payhawk can consolidate multiple previously disparate financial services into a single, integrated system. The platform provides tools for issuing corporate cards to employees, managing invoices, and tracking payments, all within a unified interface.

Upon registration, users are provided with unique banking details, including a dedicated IBAN. This allows for seamless connection with existing bank accounts and facilitates versatile fund utilization.

Unique IBAN and Payment Reception

A key differentiator for Payhawk is its provision of individual IBANs to each customer. This capability enables the direct reception of third-party payments, a feature not universally offered by competitors.

Card Management and Expense Control

The platform offers robust card management features, allowing for the issuance of both virtual and physical cards with customizable spending rules. Teams can be allocated specific budgets, and approval workflows can be established for larger transactions.

Receipt collection is automated for transactions made with Payhawk cards, streamlining expense reporting.

Invoice Management and Reimbursements

Users can upload invoices directly into Payhawk for centralized management. The system employs automated data extraction to simplify the reconciliation process.

Employee reimbursements are also facilitated through the platform, establishing Payhawk as a central hub for all company spending. Integration with existing ERP systems is also supported.

Subscription and Client Base

Payhawk operates on a software-as-a-service (SaaS) model, with monthly subscription fees varying based on selected features and the number of active cards. The company currently serves over 200 clients, including LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw, and By Miles.

Growth and Future Plans

The company has experienced significant growth, with revenue doubling in the first quarter of 2021. Currently, Payhawk serves clients within the European Union and the U.K.

Future development plans include the introduction of credit cards, support for additional currencies, and enhanced integration with corporate bank accounts, signaling an expansion beyond current markets.