The Sofia-based Startup Payhawk Raises €3.65M to Expand to the German Market
Less than two years after its start, the Bulgarian fintech startup Payhawk raised a new investment of €3M. The seed round was led by the Western European Earlybird Digital East Fund, the Berlin TinyVC, and leading experts from the financial sector. The new funding will be used mainly for the expansion of the company’s activities to Germany where it already has an office. Development activities and technical support remain in Bulgaria.
Payhawk was founded in 2018 by former employees of Telerik. The fintech provides software and personal debit cards that automate the management of any type of business expenses. The platform allows chief financial officers and business managers to control the expense process from one place, process billing documents, integrate their accounting software, and gather real-time reports and analyses. Payhawk’s solution allows for easy integration with banking systems.
The company operates in 14 countries and serves over 1000 corporate clients. The company has offices in Sofia and London, and since recently in Berlin. Currently, it has a team of 18 employees and plans to double this number within two years.
This is the second big investment for Payhawk. In 2019, the company raised funding of € 500 000 from Eleven’s second fund. The total funding raised by the company from outside investors totals €3.65M.
