European spend administration startup Payhawk has added $100 million to its Sequence B spherical that I already coated again in November. The startup confirms that it has reached a post-money valuation of $1 billion, as The Info’s Kate Clark earlier reported.
Lightspeed Enterprise Companions is main the brand new $100 million funding. Sprints Capital, Endeavor Catalyst, HubSpot Ventures and Jigsaw VC are additionally taking part within the spherical. All present traders are placing extra money on the desk as nicely.
When the corporate raised the primary a part of its Sequence B, it raised $112 million at a $570 million valuation. As we speak’s information represents a 75% improve in valuation in simply three months.
If you’re accustomed to Brex or Ramp within the U.S., Payhawk gives a considerably comparable product, however for the European market. It additionally competes with Spendesk, Pleo, Revolut Enterprise and others. The corporate desires to switch a number of providers within the B2B fee stack with a single, unified platform.
Specifically, you need to use Payhawk to centralize all of your funds in a contemporary interface. While you first open a Payhawk account, you get a devoted IBAN and you may add cash out of your present checking account.
After that, you can begin utilizing Payhawk playing cards, monitor funds extra effectively and use Payhawk’s software program stack for all of your bills.
In the case of playing cards, workers can get digital and bodily Payhawk playing cards to spend cash extra simply. The startup helps you to arrange guidelines, budgets and an approval workflow. Payhawk prospects obtain 3% money again on card funds with a cap on the Payhawk subscription value.
Typically, it’s not attainable to pay with a card. Workers also can enter money funds and get reimbursed later. Equally, you may pay for payments with outgoing financial institution transfers out of your Payhawk account.
There are a number of integrations with ERP and accounting techniques. This could possibly be helpful to reconcile funds and gather invoices from Payhawk instantly.
The startup at present operates in 30 nations and focuses on massive SMEs. It has been rising properly as the corporate’s annualized recurring income has been doubling each quarter for the previous few quarters.
Payhawk plans to launch new options, similar to Oracle Netsuite integration, subscription administration and budgets. It has places of work in London, Sofia, Berlin and Barcelona. Up subsequent, the corporate plans to open places of work in Amsterdam, Paris and New York. Initially from Bulgaria, Payhawk can be the primary ever Bulgarian unicorn.