Payhawk became Bulgaria’s first unicorn on 1st March 2022. At a $1 billion valuation, the company has secured an additional $100 million in a round-headed Lightspeed Venture Partners.
The fresh funding brings Payhawk’s Series B round to a total of $215 million. This comes just three months after Payhawk’s initial wave of Series B funding, which was the second-largest Series B for a B2B startup in Central and Eastern Europe.
The company was valued at $570 million in the last round, which took place in November 2021. Its valuation is expected to reach $1 billion when it quadruples its annualized recurring revenue per quarter.
Sprints Capital, Endeavor Catalyst, HubSpot Ventures, and Jigsaw VC are the new investors in the round. Greenoaks, QED Partners, and Earlybird Digital East are among the existing investors who are participating.
The money will be used by the fintech startup to increase its product team, double down on its efforts to build best-in-class enterprise features, and expand its sales and marketing staff to expand into new markets in 2022.
What the founder has to say:
Payhawk’s CEO and Founder, Hristo Borisov, said:
“We’ve always known that if we solve a massive problem in a big market, we can grow a big company. The enormity of the opportunity still drives our development and ambition. Every employee who interacts with business payments believes there should be a better approach. Still, a strong product team with a solid engineering background has never addressed this massive issue. Payhawk is bringing this to the market.
Becoming Bulgaria’s first unicorn is an enormous credit to our team’s hard work and perseverance over the last three and a half years.”
What the investors have to say:
Lightspeed Venture Partners partner Arsham Memarzadeh said:
“Payhawk isn’t simply another spend management tool. It’s a one-stop shop for financial teams to bring together diverse systems for spending, tracking, processing, and budgeting business finances. We’ve known the team for over a year and have been astounded by their rapid product development, which has resulted in the most comprehensive solution on the market in less than four years.”
About Payhawk:
Payhawk is a financial platform that incorporates expenditure management, payments, and invoicing management into a single solution, providing finance departments with a one-stop-shop. LuxAir, Lotto24, Viking Life, Gtmhub, Flink, MacPaw, and By Miles are among the company’s fast-growing and mature multinational customers. Payhawk is also driving digital transformation at organizations such as A.T.U in Germany, where the solution has replaced cash with company cards in over 550 locations. The London-based fintech was launched in 2018 by Hristo Borisov and Boyko Karadzhov, with Konstantin Dzhengozov joining later. Greenoaks, QED Investors, Earlybird Digital East, and Eleven Ventures are notable investors who have backed it.
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