Fintech startup Payhawk has closed a $ 20 million financing round. QED Investors leads the round, in which the existing investor Earlybird Digital East is also participating. Payhawk builds a unified system to manage all incoming and outgoing money.
In essence, companies moving to Payhawk can replace multiple services they already use that don’t interact well with each other. With Payhawk, you can issue company cards for your employees, manage bills and track payments from a single interface.
After registering, customers receive their own bank details with a special IBAN. You can connect to your existing bank account, add funds to your Payhawk account, and use it in a variety of ways.
Compared to other companies working on similar products, Payhawk offers each customer their own IBAN so they can receive third party payments.
One of the main features of Payhawk is that customers can issue virtual and physical cards for employees with different rules. You can set up a team budget, configure an approval workflow for large transactions, and let Payhawk take care of the receipt capture from these card transactions.
You can upload invoices to manage through Payhawk. The start tries to extract data from these invoices automatically in order to facilitate the reconciliation. You can also use Payhawk to reimburse employees. The service acts as a single source of truth for your company’s spending. Finally, you can connect Payhawk to your existing ERP system.
As a software-as-a-service solution, you pay a monthly subscription fee that varies depending on the optional features and the number of active cards. Customers include LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles. The startup has a total of 200 customers.
The company has grown well as sales doubled in the first quarter of 2021. It is currently accepting customers in the European Union and the UK, but is already planning to expand beyond these markets. Next up, Payhawk plans to introduce credit cards, more currencies, and tighter integration with corporate bank accounts.