BULGARIAN FINTECH PAYHAWK REACHES VALUATION OF $570 MILLION AFTER A NEW ROUND OF FINANCING

The Bulgarian startup Payhawk has raised $112 million in a Series B round. This is the second-largest ever Series B financing round for a B2B company in the CEE region after UiPath and is the largest and fastest Series B in the spend management space across Europe.

The round was led by the San Francisco-based investor Greenoaks, who has a strong track record of investing in high-growth technology companies such as Gorillas, Robinhood, Stripe, Checkout.com, and Brex. Other investors, including QED Investors, Earlybird Digital East, and Eleven Ventures are also participating in the round.

In April 2021, just 7 months ago, Payhawk raised $20 million in a Series A round, setting sight on expanding beyond the EU and the UK.

Payhawk currently serves companies in 27 countries with its company cards and spend management platform across Europe and will continue its global expansion with aims to open offices in the US, Netherlands, France, Australia, and Singapore. At the moment, the fintech has offices in London, Sofia, Berlin, and Barcelona.