This news comes on the heels of its extended Series B round. The startup plans to use the funding to scale its business and open new offices in Amsterdam, Paris, and New York. Here are the top-line bullets you need to know.
Payhawk, a B2B spend management startup, has raised $100M in an extended Series B. The round drew participation from Lightspeed Venture Partners, Greenoaks Capital Management, Earlybird Venture Capital, and QED Investors, among others.
How’s the company performing?
- UK-based Payhawk offers credit cards and spend management services for businesses.
- Payhawk has over 1.5K clients, including Telus, Nexo, Software Group, and Scalefocus.
- The company has doubled its annualized recurring revenue every quarter since November 2021.
- In 2021, besides unveiling several new enterprise features and free bill payments, the company also introduced 3% cashback on all payments and support for Google Pay and Apple Pay.
- The startup, which is currently supported by a team of 100 employees, operates across 30 countries and maintains offices in London, Berlin, Barcelona, and Sofia.
Why does the market matter?
- The global spend management software market is expected to reach a value of $4B by 2027, growing at a CAGR of 17.7%, according to Verified Market Research.
- Rapid digitization has led to the proliferation of account information and spend data, increasing the demand for solutions to enhance data visibility, insight generation, and regulatory compliance.
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