Startup Payhawk Closes $112M Sequence B

B2B spend administration startup Payhawk shut a $112 million Collection B all equity round, the largest Series B in Central and Jap Europe for a B2B corporation, and comes just seven months just after a $20 million Sequence A.

The Collection B was led by U.S. trader Greenoaks, with participation from QED Buyers, Earlybird Digital East and Eleven Ventures.

Hristo Borisov, CEO and founder at Payhawk, reported in a press release on Tuesday (Nov. 23) that the firm is striving to support enterprises automate all devote procedures, numerous of which are uncoordinated manual jobs.

See also: Payhawk Launches New Enterprise Suite, Income Again

“Managing corporation playing cards, specially stories, monthly bill payments and invoices is at present a disconnected expertise bridged by finance teams by a ton of manual perform. We are constructing organization software jogging on world-wide payments infrastructure that automates all spend procedures,” Borisov reported.

He added that the corporation can transfer at “break-neck speed” owing to its “strong merchandise background and engineering group.”

Read extra: Payhawk Debuts 1-Click Invoice Pay out For Corporates

Payhawk provides organization cards and commit administration solutions throughout 27 nations in Europe with ideas to proceed increasing around the world. Places of work are currently being eyed in the U.S., Netherlands, France, Australia and Singapore. Founded in 2018 and headquartered in London, with offices in Sofia, Berlin and Barcelona, Payhawk was past valued at $570 million.

The clean infusion of money will go in direction of establishing and launching new goods, starting off with the roll out of a credit card in the initially quarter of next 12 months, and introducing very low-cost cross-border transfers that would functionality as a substitute to SWIFT payments.

“Ask any business enterprise proprietor, and they’ll inform you that taking care of corporate devote is among the the most discouraging sections of managing a enterprise. It necessitates important handbook operate that consumes worker time and introduces significant room for mistake,” explained Patrick Backhouse, a partner at Greenoaks. “Payhawk turns a fragmented procedure into a seamless 1, furnishing a single place to handle the full expending lifecycle from business cards to expenditures and invoice payments to invoices.”

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