Payhawk, a London, UK-based B2B spend management startup, closed a $112 million Series B all-equity round, the biggest Series B in Central and Eastern Europe for a B2B company, and comes just seven months after a $20 million Series A.
The round was led by U.S. investor Greenoaks, with participation from QED Investors, Earlybird Digital East, and Eleven Ventures.
The fresh infusion of capital will go towards developing and launching new products, starting with the roll-out of a credit card in the first quarter of next year, and introducing low-cost cross-border transfers that would function as a substitute to SWIFT payments.
Company: Payhawk Limited
Raised: $112.0M
Round: Series B
Funding Month: November 2021
Lead Investors: Greenoaks
Additional Investors: QED Investors, Earlybird Digital East, and Eleven Ventures
Company Website: https://payhawk.com/
Software Category: Spend management platform
About the Company: Founded in 2018, Payhawk is a financial platform that combines expense management, payments, and invoice management in one solution and therefore works as a one-stop-shop for finance teams. Its customer base consists of a mix of fast-growing and mature multinational companies like LuxAir, Lotto24, Viking Life, Gtmhub, Flink, MacPaw, and By Miles. Payhawk is also leading the digital transformation agenda of companies like A.T.U in Germany, where the product has replaced cash with company cards at more than 550 branches. Payhawk offers company cards and spend management solutions across 27 countries in Europe with plans to continue expanding worldwide. Offices are being eyed in the U.S., Netherlands, France, Australia, and Singapore.
Source: https://www.pymnts.com/news/b2b-payments/2021/b2b-spend-management-startup-payhawk-closes-112m-series-b/