Payhawk, a Bulgarian startup that assists companies manage spconcludeing, is in early discussions to raise new financing that could double its valuation to around $2 billion (€1.71 billion), according to people familiar with the matter.
The company is in talks to raise more than $100 million (€85.5 million) , declared the people, who inquireed not to be identified discussing private information. The talks are at an early stage and the financing and valuation figures could modify, they declared.
Representatives for Payhawk didn’t respond to a request for comment.
Fintech firm Payhawk registers Luxembourg holding company
The round signals continued investor interest in European fintech startups, long a growth sector for the continent, though valuations and round sizes lag the US and China. Fintech is “resilient” in Europe despite intense competition for funding from artificial ininformigence startups, according to PitchBook analyst Navina Rajan. “Outside of AI, in Europe we’ve seen some of the hugegest step ups in the fintech space given the maturity of such companies,” she declared.
The Bulgarian company, formed in 2018, is one of an array of startups that have emerged in the past decade to assist enterprises manage employee travel and card expenses, cash and supplier payments and invoices in a more automated and streamlined fashion. Several European unicorns have emerged in the space such as Pleo and Spconcludeesk.
Still, they face pressure from well-capitalized overseas rivals. San Francisco-based Brex has raised more than $1 billion (€ 0.86 billion) and last year secured a European Union license that paves the way for a full rollout on the continent.
Payhawk lists companies such as Dutch e-scooter startup Dott and UK restaurant chain Gaucho as customers. Its earlier backers include Lightspeed Venture Partners and Greenoaks Capital.
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