Meet Payhawk, Bulgaria’s first unicorn

Payment and expense solution Payhawk has raised an additional $100m to extend its Series B round to $215m, propelling the company to a billion dollar valuation.

Lightspeed Venture led the funding extension, with Sprints Capital, Endeavor Catalyst, HubSpot Ventures and Jigsaw VC also joining the round.

The additional funding comes only three months after Payhawk announced the initial tranche of Series B funding in November 2021 of $115m, and less than a year after its $20m Series A round in April 2021.

With the extra funds, Payhawk said it now has the financial clout required to aggressively expand its presence in the mid-size enterprise market and continue its ambitious global expansion plans.

Payhawk aims to reduce the amount of manual work finance teams carry out due to disconnected tools for cards, payments, invoices and expense management. The company does this by combining those key elements in a single platform. Payhawk also provides 3% cashback on card payments up to the full subscription amount, enabling customers to drive their subscription costs to zero, while benefiting from enterprise-grade software.

The capital will also be used to further grow Payhawk’s product team by adding 60 additional senior software engineers in Sofia from the top 1% of the market. This is with the aim of meeting growing customer demand for new features. Other existing features for enterprise customers will be extended too, including Oracle Netsuite integration, subscription management and budgets. The company also plans to open offices in Amsterdam and Parish in March, and New York in September.

Hristo Borisov, CEO and founder of Payhawk, said, “We always knew that we could build a big company if we addressed a significant problem in a large market. The size of the opportunity still drives our growth and ambition today. Every employee that deals with company payments feels that there should be a better way to do it, but this huge problem was never tackled by a strong product team with hardcore engineering background. This is what Payhawk brings to the market.

“Becoming the first unicorn in Bulgaria is a huge testament to the hard work and resilience of our team over the last three and a half years. We are just at the beginning of our journey, and we cannot wait to continue reinventing how businesses manage their payments.”

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