Startups > Payhawk

Payhawk

Payhawk unifies corporate cards, payments, and expenses into one automated system.

Series B $239M total Founded 2018 London, England

Payhawk is a unified spend management platform that combines corporate credit cards, payments, invoices, and expenses into a single system with real-time reconciliation and AI-powered data extraction. It eliminates manual finance work by automatically matching receipts to transactions and integrating with accounting software like NetSuite, Xero, and QuickBooks. The platform is built for mid-market and enterprise finance teams that need multi-entity visibility, advanced ERP integrations, and automated compliance workflows. Founded in 2018, Payhawk has raised $239M and serves over 1,000 customers including Vinted, Babbel, and Wallbox.

Problem solved

Finance teams spend excessive time on manual reconciliation, data entry, and managing disconnected tools for cards, payments, invoices, and expenses.

Target customer

Mid-market and enterprise finance teams with 50+ employees managing multi-entity spend across multiple payment methods and currencies.

Website LinkedIn Crunchbase

Founders

Hristo Borisov

CEO & Co-Founder

Product and engineering leader with CS degree from American University in Bulgaria; spent 10+ years at Telerik (acquired by Progress for $262.5M in 2014); Director of Product at Progress; currently in Harvard Business School's Owner/President Management program.

Boyko Karadzhov

CTO & Co-Founder

Konstantin Dzhengozov

CFO & Co-Founder

Funding history

Seed $566K February 2019 Led by Eleven Ventures · Earlybird Digital East, Tiny, Perry Blacher

Seed $3.5M March 2020 Led by Earlybird · Tiny

Series A $20M April 2021 Led by QED Investors · Klarna, Nubank

Series B - Tranche 1 $115M November 2021 Led by Greenoaks · QED Investors, Earlybird, Eleven Ventures

Series B - Tranche 2 $100M March 2022 Led by Lightspeed Venture Partners · Sprints Capital, Endeavor Catalyst, HubSpot Ventures, Jigsaw VC

Total raised: $239M

Industries

Financial Software

Pricing

Custom pricing based on number of admin/accountant seats, cards, transaction volume, and selected modules. Growth plans for small businesses, Standard plans for growing businesses, and Enterprise/Complete plans available. No free plan offered, but free trial available.

Notable customers

Vinted, Babbel, Wallbox, Wagestream, LuxAir, Flink, Viking Life, Zenloop, ATU

Integrations

Microsoft, NetSuite, Exact, Xero, Sage, QuickBooks Online, DATEV, MS Dynamics Business Central, MS Dynamics Finance, Egencia, Oracle NetSuite, Exact Online

Website

payhawk.com/

Competitors

Pleo

Focuses primarily on SMEs with prepaid cards; Payhawk offers credit cards and targets mid-market/enterprise with advanced ERP integrations.

Spendesk

Debit and prepaid card focused; Payhawk combines credit cards with real-time reconciliation and deeper accounting software integrations.

SAP Concur

Established player with broader feature set but considered outdated; Payhawk offers modern, unified approach with better automation and real-time ERP sync.

Brex

Corporate card provider; Payhawk is a comprehensive spend management platform combining cards with invoicing, payments, and expense tracking.

Airbase

Expense management focused; Payhawk offers integrated card and payment solutions with deeper ERP automation.

Why this matters: Payhawk became Bulgaria's first unicorn in 2022 and is among Europe's fastest-growing fintech startups, backed by $239M from top-tier VCs including Greenoaks and Lightspeed. Its FCA EMI license (January 2024) and 85% YoY revenue growth demonstrate strong market traction in a competitive spend management space where enterprises are actively consolidating tools.

Best for: Mid-market and enterprise finance teams that need real-time visibility across all spend channels, automated reconciliation, and deep ERP integrations.

Use cases

Automated Invoice-to-Payment Reconciliation

Finance teams receive invoices, match them to purchase orders and goods receipt notes automatically, and reconcile against company cards—all in real-time. Payhawk's AI extraction eliminates manual data entry, reducing reconciliation time from days to hours and catching discrepancies instantly.

Multi-Entity Spend Visibility

Global companies with multiple subsidiaries use Payhawk to consolidate spending across entities, currencies, and payment methods into a single dashboard. Budget owners see real-time spend status, approval workflows enforce compliance, and CFOs get consolidated reports for consolidated financial statements.

Expense Report Automation

Employees submit expense reports; Payhawk automatically matches them to corporate card transactions, extracts receipt data via AI, and feeds approved expenses directly into accounting software. Reimbursement workflows accelerate, compliance improves, and manual review time drops dramatically.

Alternatives

Pleo Better for small teams and SMEs looking for simple, card-based expense management; not designed for complex multi-entity enterprise requirements.

Spendesk Stronger in European markets with prepaid card issuance; Payhawk's credit card approach and ERP depth make it better for mature enterprises.

SAP Concur Established, feature-rich, deeply embedded in large enterprises; Payhawk offers a modern, easier-to-use alternative for companies willing to switch.

FAQ

What does Payhawk do? +

Payhawk combines corporate credit cards, payments, invoices, and expenses into a single platform with AI-powered reconciliation and real-time ERP integration. It automates receipt matching, data extraction, and expense approval workflows, eliminating manual finance work. The platform is designed for mid-market and enterprise teams managing complex, multi-entity spending.

How much does Payhawk cost? +

Payhawk offers custom pricing based on number of cards, admin seats, transaction volume, and selected modules. Growth, Standard, and Enterprise plans are available. No free plan is offered, but a free trial is available to explore features before committing.

What are the main alternatives to Payhawk? +

Top alternatives include Pleo (better for SMEs with simpler needs), Spendesk (debit/prepaid focused), SAP Concur (established, feature-rich but older), and Brex (card-only, no expense management). Choice depends on company size, complexity, and geographic focus.

Who uses Payhawk? +

Mid-market and enterprise finance teams managing 50+ employees with complex, multi-entity spend. Notable customers include Vinted, Babbel, Wallbox, Wagestream, and Flink. Payhawk serves over 1,000 customers globally.

How does Payhawk compare to SAP Concur? +

Concur is more established and deeply embedded in large enterprises; Payhawk is modern, easier to use, and purpose-built with real-time AI reconciliation and card issuing. Payhawk integrates faster with modern accounting software, while Concur is better if your team already uses the SAP ecosystem extensively.