The $112M Series B round brings Payhawk's total funding to $136.5M. Here are the top-line bullets you need to know.
Payhawk, a B2B spend management startup, has raised $112M in a Series B round that drew participation from Greenoaks Capital Management, Earlybird Venture Capital, Eleven Ventures, QED Investors, and tiny.vc.
How’s the company performing?
- UK-based Payhawk offers corporate cards and spend management services to businesses.
- In 2021, the company introduced new enterprise features, free bill payments, 3% cashback on all payments, and support for Google Pay and Apple Pay across 30 countries.
- Since its last funding round 7 months ago, the platform’s transaction volume has increased by 663%. In October 2021 alone, its transaction volume grew by more than 45% from the previous month.
- Payhawk’s customer base, which consists of corporates such as Lotto24, LuxAir, Flink, Viking Life, MacPaw, and Wagestream, spans 27 European countries.
- The company currently has 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.
- Companies are focused on finding solutions to help them comply with tighter regulatory requirements related to their accounts and spend data, which has driven up demand for spend management software.