Fintech start-up Payhawk has raised a $ 20 million funding round. QED Investors is leading the round with the participation of existing investor Earlybird Digital East. Payhawk is building a unified system to manage all incoming and outgoing money.
Essentially, companies switching to Payhawk can replace several services they already use that don’t interact well with each other. Payhawk allows you to issue corporate cards to your employees, manage invoices, and track payments from a single interface.
After registration, customers get their own bank details with a dedicated IBAN. You can log in with your existing bank account, load funds into your Payhawk account, and start using it in a number of ways.
Compared to other companies working on similar products, Payhawk gives each customer their own IBAN, which means they can receive payments from third parties.
One of the main features of Payhawk is that customers can issue virtual and physical cards to employees with different rules. You can set up a team budget, configure an approval workflow for large transactions, and let Payhawk handle the collection of receipts from those card transactions.
You can download invoices to manage them through Payhawk. The startup tries to automatically extract the data from these invoices for easier reconciliation. Payhawk also allows you to reimburse employees. The service acts as a single source of information on your business expenses. Finally, you can connect Payhawk to your existing ERP system.
As a software-as-a-service solution, you pay a monthly subscription which will vary depending on optional features and the number of active cards. Customers include LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles. In total, the startup has 200 clients.
The company has done well as its revenue doubled in the first quarter of 2021. It is currently accepting clients in the European Union and the UK, but already plans to expand beyond those markets. Next, Payhawk plans to launch credit cards, more currencies, and tighter integration with corporate bank accounts.