UK Fintech Payhawk Finalizes $20M Collection A Spherical led by QED Buyers, with Contributions from Earlybird VC Fund

UK-based Fintech Payhawk, an organization centered on creating the “monetary system of tomorrow” that mixes bank cards, funds, and bills into “one expertise,” has revealed that they’ve closed a $20 million Collection A financing spherical.

The agency’s administration famous on April 20, 2021, that that is “a significant milestone for Payhawk and can help our mission to construct the monetary system of tomorrow.”

They added:

“With Klarna backers QED Buyers, we’re welcoming world-class traders on board. The continual help of our early investor Earlybird Enterprise Capital fund is a vote of confidence in our enterprise mannequin. In lower than three years, our extraordinary workforce has developed the one monetary platform that provides you and your finance groups most management and visibility over your corporation spend. That is just the start.”

The Collection A spherical is led by the US-based fund QED Buyers, which has “a powerful monitor file of investing in 18 fintech unicorns, together with Klarna and Nubank,” the replace confirmed. Current investor Earlybird Digital East, which led the $3.6 million seed spherical for Payhawk in March of final 12 months, can be “contributing recent capital,” the discharge added whereas noting that Yusuf Ozdalga will “be a part of the Payhawk board alongside current traders Mehmed Atici from Earlybird Digital East and Vassil Terziev from Eleven Ventures.”

The discharge additional famous:

“At the moment, finance groups use a number of disconnected instruments for funds, invoices and expense administration. Payhawk acts as a one-stop-shop, combining these key parts, and shutting the hole between banks and ERP (Enterprise Useful resource Planning) programs. In consequence, Payhawk empowers finance groups to cut back handbook work, preserve tight management of budgets in real-time, and absolutely automate spend throughout each fee methodology. As an alternative of utilizing 5-6 instruments throughout a number of markets, Payhawk delivers a single resolution for finance groups that may serve their companies in 30 international locations.”

The agency has recorded 10x development final 12 months, and “doubled its income in Q1 of 2021.” Its buyer base “consists of a mixture of fast-growing and multinational corporations together with LuxAir, Lotto24, Viking Life, ATU, Gtmhub, Flink, MacPaw and By Miles,” the discharge famous.

As talked about within the announcement, the funds acquired will allow Payhawk to develop its product providing and develop its profssional workforce. The Fintech agency will probably be centered on increasing protection for corporations or companies based mostly outdoors the European Union and the UK.

Moreover, Payhawk plans to work on new fee merchandise reminiscent of bank cards; and “help further currencies with trade main FX charges.” Payhawk can even “work to streamline the money circulate from current financial institution accounts to Payhawk to offer limitless spending capabilities for finance groups,” the announcement famous.

Payhawk can even “speed up its use of AI and machine studying, so as to introduce sensible workflows, and to cut back the necessity for handbook overview and approval,” the announcement added whereas noting that the agency goals “to triple its advertising and gross sales workforce in 2021, so as to enhance presence within the UK, Germany and Spain.”

Yusuf Ozdalga, QED Buyers acknowledged:

“We’re delighted to put money into Payhawk. The corporate is rising at an exceptional fee. The corporate’s product fundamentals are exceptionally sturdy, and trade developments are working within the firm’s favour too. As budgets are extra usually managed on-line by distant groups, there may be unprecedented demand for cost-effective finance options. We look ahead to working with Hristo and the workforce”

Payhawk CEO and founder Hristo Borisov remarked:

“We now have big ambitions for the 12 months forward. Over the subsequent 12 months, we’re eager to offer nice help to finance groups throughout 30+ international locations to handle firm playing cards, invoices and funds in a unified and environment friendly means. We plan to considerably develop our integrations to current ERP programs, and in addition simply join on prime of each enterprise checking account throughout Europe and past. To do that, we have to put money into constructing the suitable setup and workforce to scale additional, and the brand new funding spherical will allow us to do that.”