Bulgarian payments and expense solution Payhawk has been valued at $570m after the close of a $112m Series B – the second largest in Central and Eastern Europe.
Greenoaks, a San Francisco-based investment firm, served as the lead backer to the round. All of Payhawk’s existing backers, including QED Investors, Earlybird Digital East and Eleven Ventures, also joined the round.
Payhawk’s goals for 2022 include opening offices in the US, the Netherlands, Australia and Singapore. It also plans to release credit cards and empower smarter and cheaper cross-border transactions on top of its invoice management system.
The FinTech company is also looking to bolster its marketing and sales team in the UK, Germany, Spain and Benelux.
Earlier in the year, the FinTech company introduced 3% cashback on all payments, as well as new enterprise features, free bill payments and support for Apple Pay and Google Pay in 30 countries.
Payhawk previously raised $20m in its Series A round, which it closed in April 2020. Since then, the company has increased its transaction volume by 663% and continues to grow at 45%+ month-on-month.
The FinTech company provides businesses with a one-stop-shop to handle their finance, including payments, cards, invoices and expense management. Its customers include A.T.U, Luxair, Flink, Viking Life and Wagestream.
Greenoaks partner Patrick Backhouse said, “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.”
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