Payhawk Raises $112M to Better Compete in the World

Payhawk is also offering an all-in-one financial management solution for businesses, focusing on European customers. And the company just raised a $112 million Series B round at a $570 million valuation. Greenoaks is leading the round, with all existing investors participating once again, such as QED Investors and Earlybird Digital East.

Payhawk wants to replace several services companies use to simplify their financial stack and make things work better together. Customers get their accounts with a dedicated IBAN. They can connect this account to their existing bank account to load and withdraw funds.

After that, you can use Payhawk for all things related to payment. Customers can issue virtual and physical cards for employees with a sets of rules, such as a team budget or an approval workflow. This way, employees don’t have to pay with their cards.There are no conversion fees with transactions in EUR, GBP, and USD. For other currencies, charges a 1.99% exchange markup. The startup recently introduced 3% cashback on card payments with a cap at the subscription price.

Payhawk also handles invoice collection so that clients can reconcile expenses from their employees. The startup has also built several integrations with ERP systems; you can automatically sync payments and receipts with traditional accounting software. Payhawk competes with Spendesk, Pleo, Revolut Business and others. As you can see, there are quite a lot of players in this space, meaning that there’s an ample market opportunity.