Hristo Borisov (centre)/Payhawk co-founders.
Payhawk launches business credit cards
The Bulgarian fintech is adding credit cards to its current debit offering to give UK businesses a “smarter” way to spend.
Expense management fintech Payhawk is now launching a business credit card in the UK.
The new card quickly follows the release of the same product in the US last month, adding to its current debit card offering.
According to Payhawk, which became Bulgaria’s first unicorn earlier this year, this makes it the only spend management solution to offer UK businesses a choice between smart Visa credit and debit cards.
“As we began serving more UK enterprises, we discovered that many businesses prefer credit over debit cards for cash flow reasons,” Payhawk co-founder and CEO Hristo Borisov said.
“Until now, many were forced into a decision between smart debit cards like or traditional credit card products that do not benefit from any enterprise tech and might face lower acceptance rate.”
The new credit card offering will provide businesses with a “smarter” and “more widely-usable alternative” to traditional business cards, according to Payhawk.
The credit cards and spend policies can be customised based on employee level or department and controlled with daily or single transaction limits.
Carolina Einarsson, finance director at Essentia Analytics, a Payhawk customer, said the option of both cards enables just one place to manage all cards, upload receipts and have “control and visibility”.
“It's super useful to use company credit cards via Payhawk,” Einarsson said.
“It means we don't have to tie up cash in the expense management platform and anything that can increase the cash flow is a good thing for the business.”