Payhawk company profile: valuation, funding & revenue

This Payhawk company profile covers the company's valuation, revenue, funding rounds, investors and history. Payhawk works in fintech, with a focus on spend management and corporate cards. It was founded in 2018 and is headquartered in London, England, United Kingdom. Its latest valuation on record is About US$1 billion (March 2022). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Payhawk timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2018 — Payhawk is founded in London by Hristo Borisov (CEO), Boyko Karadzhov, Konstantin Dzhengozov and Stanimir Dzhengozov.
• Nov 2021 — Series B: US$112M, valuing the company at US$570M. Investors: Greenoaks (lead).
• Mar 2022 — Series B extension: US$100M, valuing the company at About US$1B. Investors: Lightspeed Venture Partners (lead); Greenoaks, QED, Earlybird.
• 2024 — Reported ARR: About €39.5 million annual recurring revenue in 2024 (reported); not confirmed by the company.
• 2025 — Reported talks: Preliminary talks to raise at a valuation of about US$2 billion reported; not confirmed.

Investors

Overview

Payhawk is a spend management platform for mid-sized and multinational companies. It combines corporate cards, expense management, supplier payments, procurement workflows and reimbursements in one system, integrated with enterprise resource planning (ERP) software such as NetSuite, Microsoft Dynamics, SAP and Xero. Payhawk focuses on companies with operations in several countries, offering cards and payments in multiple currencies and entities from a single platform. In 2022 it became the first Bulgarian startup valued at more than US$1 billion.

Hristo Borisov, the CEO, Boyko Karadzhov, Konstantin Dzhengozov and Stanimir Dzhengozov founded Payhawk in 2018. Borisov previously worked at Telerik, a Bulgarian software company acquired by Progress Software, and the founding team brought deep engineering experience from Sofia's tech community. Payhawk is headquartered in London with its largest engineering hub in Sofia and offices across Europe and the United States.

Products

• Corporate cards: Visa debit and credit cards, physical and virtual, issued in many countries with controls per employee and team.
• Expense management: receipt capture, automatic VAT handling and approval workflows.
• Accounts payable: supplier invoice processing and payments in multiple currencies.
• Procurement: purchase requests and approvals before money is spent.
• AI agents: assistants that automate tasks such as coding expenses, chasing receipts and checking policy compliance.
• ERP integrations: deep, two-way connections that keep accounting records synchronised.

Customers

Payhawk targets mid-market and enterprise companies, often with dozens of subsidiaries across countries, in sectors such as technology, retail, hospitality, logistics and professional services. These companies need consistent spending controls across entities while complying with local tax and accounting rules, a problem that tools built for small businesses often can't handle well.

Funding

Payhawk raised a US$112 million Series B in November 2021 led by Greenoaks, valuing it at US$570 million. In March 2022 it raised a US$100 million extension led by Lightspeed Venture Partners at about US$1 billion. Other investors include QED Investors, Earlybird, Eleven Ventures and HV Capital. Reports later said Payhawk was in preliminary talks to raise at a valuation of about US$2 billion, citing annual recurring revenue of about €39.5 million in 2024. We haven't seen those talks confirmed, so the data above uses the 2022 valuation.

Competition

Payhawk competes with European spend management platforms such as Pleo, Spendesk and Moss; with US companies including Ramp, Brex and Navan, which also target international businesses; with traditional expense software such as SAP Concur; and with banks' corporate card programmes. Its focus on multi-entity, multi-country mid-market companies and deep ERP integration differentiates it from tools aimed at small businesses.

Payhawk at a glance

Payhawk is a spend management company founded in 2018 by Hristo Borisov, Boyko Karadzhov, Konstantin Dzhengozov and Stanimir Dzhengozov, headquartered in London with a major hub in Sofia. It provides corporate cards, expenses, payables and procurement for multinational mid-sized companies. It reached a US$1 billion valuation in March 2022 after a Lightspeed-led round, becoming Bulgaria's first unicorn.

Bulgaria's tech ecosystem

Bulgaria has a strong software engineering tradition dating back to its role as a computer manufacturing centre in the Eastern Bloc. Sofia is home to outsourcing firms, product companies and research centres, with competitive salaries and a large pool of engineers. Payhawk's success has drawn attention to the country as a place to build global companies, not only to outsource development. It has encouraged more local founders and investors and inspired other Central and Eastern European startups.

Why multi-entity spend management is hard

A company with subsidiaries in ten countries deals with different currencies, tax rules, VAT recovery processes, bank accounts and accounting standards. Issuing cards in each country requires licences or partners, and consolidating spending data across entities can be complex. Platforms that handle this well save finance teams large amounts of manual work and help them close their books faster. That complexity is a barrier to entry that gives specialised players like Payhawk an advantage over simpler tools.

Questions for finance leaders

• Which countries can the platform issue cards in, and in which currencies?
• How deep is the integration with your ERP, including multi-entity setups?
• How are VAT and local tax requirements handled?
• What are the subscription costs, card fees and foreign exchange charges?

How spend management companies earn money

Payhawk earns subscription fees based on the plan and number of users, plus a share of interchange from card spending and fees on foreign exchange and payments. Mid-market and enterprise customers pay more per account than small businesses, and they tend to stay longer because switching spend platforms means changing processes across many entities. That makes customer retention and expansion, selling more modules to existing clients, central to the business. AI agents that automate finance work could also justify higher prices if they replace manual tasks done by finance staff.

Expanding into the United States

Payhawk has expanded into the US, where many of its multinational customers have subsidiaries and where card interchange economics are more favourable than in Europe. The move brings it into direct competition with well-funded US spend management companies, but also gives it access to the world's largest market for business software.

Latest developments (October 2026)

Reports in early 2026 said Payhawk was in talks to raise more than US$100 million at a valuation of about US$2 billion, according to data summarised by Caplight; we could not confirm a completed round. In March 2026 it launched AI agents to automate finance tasks such as invoice collection. Its 2022 valuation of about US$1 billion remains the latest confirmed figure.

What to watch

Watch for confirmation of a new funding round, US expansion, AI agent adoption, revenue disclosures and possible consolidation in European spend management. Our guide to the largest European startups puts Payhawk in context.

Takeaways

Multinational mid-sized companies can centralise spending controls across countries. Founders in smaller ecosystems can build globally competitive companies. Investors should watch revenue growth relative to the reported valuation talks.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Global Private Capital Association
2. Crowdfund Insider (citing Bloomberg)
3. FinTech Global