Payhawk aims to help you manage and automate everything between your bank and accounting software in real-time. Naturally, for payroll, the automation of repetitive tasks and in-voices sounds extremely helpful.
This has proved to be the case, particularly, for the large, small, and medium-sized enterprises (SMEs) that use Payhawk. In fact, the company is growing at such a pace across Europe that it has achieved the second-largest Series B round of funding for a B2B company ever seen in central and eastern Europe.
After just three years of existence, Payhawk has been valued at $570 million (USD). As a result, the company raised $112 million in series B.
The round was led by the San Francisco-based investor Greenoaks, and comes shortly after Payhawk closed a $20m Series A financing round. Existing investors from Series A including QED Investors, Earlybird Digital East, and Eleven Ventures participated in this latest round.
What does this investment mean?
This will allow the company to broaden its product offering and enable cheaper international transactions alongside its invoice management system.
Additionally, Payhawk intends to accelerate its product roadmap with the launch of a credit card in Q1 2022.
Speaking about the investment, Hristo Borisov, CEO and Founder at Payhawk, said: “Managing company cards, especially reports, bill payments, and invoices is currently a disconnected experience bridged by finance teams through a lot of manual work.
“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.
“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.”
This excitement for the future is shared by Patrick Backhouse, a partner of Greenoaks, who commented: “Ask any business owner, and they’ll tell you that managing corporate spend is among the most frustrating parts of running a company.
“It requires significant manual work that consumes employee time and introduces substantial room for error. Payhawk turns a fragmented process into a seamless one, providing a single place to manage the entire spending lifecycle from company cards to expenses and bill payments to invoices.
“We’ve been thrilled to see how fast they’ve grown, already serving a truly global customer base that’s attracted by powerful and delightful software.
“We think that painful expense reports and bill payments should be a thing of the past, and we are excited to partner with Payhawk on the way to getting there.”