London payments platform raises $20m funding after doubling revenue

A London payments management platform has announced that it has raised $20m in a Series A funding round.

Payhawk, which offers payments and expense management software, has raised the funding through a Series A funding round led by the American company QED Investors.

The fundraise will enable Payhawk to expand its team and its coverage for businesses outside the UK and the EU.

This comes after the company reported 10 times growth in 2020, and doubled its revenue in the first quarter of 2021.

Hristo Borisov, Payhawk CEO and founder, commented: “We have huge ambitions for the year ahead. Over the next year, we are keen to provide great support to finance teams across 30+ countries to manage company cards, invoices and payments in a unified and efficient way.

“We plan to significantly expand our integrations to existing ERP systems, and also easily connect on top of every business bank account across Europe and beyond.

“To do this, we need to invest in building the right setup and team to scale further, and the new funding round will enable us to do this.”

Yusuf Ozdalga of QED Investors said: “We are delighted to invest in Payhawk. The company is growing at a phenomenal rate. The company’s product fundamentals are exceptionally strong, and industry trends are working in the company’s favour too.

“As budgets are more typically managed online by remote teams, there is unprecedented demand for cost-effective finance solutions. We look forward to working with Hristo and the team.”