Payments and expense management firm Payhawk has added $100 million to its Series B round, now standing at $215 million, and in so much, provides the company with a $1 billion valuation and Bulgaria with its first unicorn.
As a testament to the company’s rapidly accelerating velocity, this Series B extension arrives only three months after the company’s initial announcement of $115 million, a funding round that was announced only 7 months since the closing of a $20 million Series A round.
Founded in 2018 Payhawk aims to simplify the lives of the finance departments by unifying a series of disjointed tools used to manage cards, payments, invoices, and expenses.
The startup acts as a one-stop-shop and reduces the manual processes, as well as provides finance teams the ability to keep a close eye on budgets, all in real-time.
Between April and November of last year, Payhawk reported an increase in transaction volumes by 663% and a continued growth rate of 45%+ month-on-month between September and October.
Amongst its customer base, the startup counts brands A.T.U, Luxair, Flink, Viking Life, and Wagestream, and is providing services in some 30 off countries around the globe.
Payhawk’s Series B extension round was led by Lightspeed Venture Partners with Sprints Capital, Endeavor Catalyst, HubSpot Ventures, and Jigsaw VC also participating.
Existing investors including QED Investors and Earlybird Digital East also participated.
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