Expense management solution Payhawk raises €3 million in funding

Charlie Spargo's picture
by Charlie Spargo

Payhawk, the platform that aims to simplify business expenses through proprietary software that integrates all aspects of spending, has raised a seed funding round worth €3 million.

Berlin-based Earlybird Venture Capital led the funding for the startup, which markets itself as providing a "paperless corporate card". Earlybird was joined by VC firm TinyVC, as well as angels like ex-Visa Europe CCO Mark Antipof, and Chief Strategy Officer at Sage, Keith Robinson.

Payhawk was founded in Sofia, Bulgaria, and has offices in London and Berlin. Its service is used across 14 European companies, implemented by around 1,000 companies who utilise its solution which allows money to be requested, loaded onto a virtual debit card, and payments able to be approved and controlled through the platform.

Hristo Borisov, Founder & CEO of Payhawk, said: “In many companies, expense management is still far too bureaucratic, non-transparent and full of paperwork. Many employees are forced to spend personal funds, manually track expenses with the legacy expense apps, write cumbersome reports and wait months to get reimbursed.

"Our payment solution addresses exactly this pain point and supports businesses in their transition to a new, paperless and digital age without being forced to switch banks."