The Fintech Payhawk startup raised $ 20 million in funding. QED investors lead the tour, with the participation of existing investor Earlybird Digital East. Payhawk builds a unified system to manage all incoming and outgoing money.
In essence, companies that switch to Payhawk can replace several services that they already use and that have not interacted well with each other. Payhawk lets you issue corporate cards to your employees, manage invoices, and track payments from a single interface.
After registration, customers receive their own bank details with a dedicated IBAN. You can sign in to your existing bank account, upload funds to your Payhawk account, and start using it in multiple ways.
Compared to other companies working on similar products, Payhawk offers each customer their own IBAN, which means they can receive payments from third parties.
One of the key features of Payhawk is that customers can issue virtual and physical cards to employees with different rules. You can set up a team budget, set up an approval workflow for large transactions, and let Payhawk manage the collection of receipts from those card transactions.
You can upload invoices to manage them through Payhawk. The startup tries to automatically extract data from those invoices for easier reconciliation. Payhawk also allows you to reimburse employees. The service acts as a single source of truth for 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 fee that will vary depending on the 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 customers.
The company has grown nicely as revenues doubled in the first quarter of 2021. It currently accepts customers from the European Union and the UK, but already intends to expand beyond these markets. Next, Payhawk plans to launch credit cards, more currencies and closer integration with corporate bank accounts.