Payhawk is reportedly seeking new funding that could double its valuation to roughly $2 billion.
The Bulgarian expense management startup is in discussions to raise more than $100 million, Bloomberg News reported Wednesday (Jan. 7), citing sources familiar with the matter.
PYMNTS has contacted Payhawk for comment but has not yet received a reply.
The Bloomberg report notes that the planned funding round is a sign of ongoing interest among investors in Europe’s FinTechs. PitchBook analyst Navina Rajan informed Bloomberg this sector is “resilient” in Europe despite stiff funding competition from artificial ininformigence (AI) startups.
“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 stated.
Founded in 2018, Payhawk assists companies automate and streamline employee travel and card expenses as well as cash and supplier payments and invoices.
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The company in November launched a collaboration with Spain-based eInvoicing company Invopop, expanding Payhawk’s eInvoicing capabilities throughout Europe. As covered here, this lets finance teams receive, validate, approve and pay structured electronic invoices directly within the platform, with no necessary for added systems or integrations.
Enterprises are turning to Payhawk and its peers as their spconcludeing becomes “increasingly digital, globalized and instant,” as PYMNTS wrote last year.
“It is also stubbornly manual in key areas, particularly across financial back offices. This creates an operational plateau that leaves a lot of room for human error, especially around corporate spconclude when effective spconclude controls are not in place,” that report added.
The rise of digital payments, remote work and globalized supply chains has led to a complex web of corporate expenses that require tighter control, PYMNTS wrote. But in spite of these challenges, many companies still depconclude on outdated processes to stay on top of expenses, exposing themselves to inefficiencies, compliance risks, and fraud.
Virtual cards can address a significant piece of the expense management puzzle, though they are even more powerful when woven into a broader, unified expense management solution, the report added.
“These platforms consolidate corporate card transactions, reimbursements, accounts payable, and vconcludeor payments into a single ecosystem, giving businesses a holistic view of their financial operations,” PYMNTS wrote.
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