Payhawk provides end-to-end management of company spending.
Payhawk, a fintech startup aiming to simplify companies’ expenses management, has raised a $112m Series B funding round.
The round was led by US investor Greenoaks, who has previously invested in fintech unicorns such as Checkout.com, Robinhood, Stripe and Brex. All existing investors, including QED Investors, Earlybird Digital East and Eleven Ventures are participating in the round
Payhawk currently serves companies in 27 countries with its company cards and spend management platform across Europe and will continue its global expansion.
The new cash injection, made up of all equity capital comes just seven months after closing its $20m Series A financing round.
It will use the fundraise to accelerate the project launch of a credit card next year and open further offices internationally with aims to open offices in the US, Netherlands, France, Australia and Singapore. Payhawk currently has offices in London, Sofia, Berlin and Barcelona,
Managing company cards, especially reports, bill payments, and invoices is currently a “disconnected experience” bridged by finance teams through a lot of manual work, says Hristo Borisov, CEO and Founder at Payhawk.
"We are building enterprise software running on global payments infrastructure that automates all spend processes. Our strong product background and engineering team allows us to move at break-neck speed,” he said.
“This, in turn, will enable global enterprises and fast-growing technology companies to transform how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere," he added.