Payhawk Revenue, Valuation, Funding & Investors

Payhawk is valued at $1B as of March 2022.

Last Payhawk valuation

$1B

Series B · Mar 2022

Last Payhawk funding round

$100M

Series B · Mar 2022

Payhawk revenue

$45M

Series B · Nov 2021

Key investors in Payhawk

  • Bek Ventures
  • QED Investors
  • Eleven Ventures
  • Svetozar Georgiev
  • Vassil Terziev
  • Greenoaks

Payhawk Overview

About Payhawk

Payhawk is a spend management platform serving businesses in over 32 countries across Europe, the US, and UK. It unifies corporate cards, expense reimbursements, accounts payable, and integrations with accounting tools like QuickBooks and Xero. The Sofia-headquartered firm maintains offices in London, Berlin, Barcelona, Paris, Amsterdam, Vilnius, and New York, with clients including LuxAir, Babbel, Vinted, Wallbox, and Wagestream.


Founded

2018

HQ

BulgariaSofia

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$45M (Nov 2021)

Valuation

$1B (Mar 2022)

Payhawk Valuation

Payhawk is currently valued at $1B, based on its Series B in March 2022.

The $100M round was led by Lightspeed Venture Partners, with participation from Greenoaks, Jigsaw VC, Sprints Capital, HubSpot Ventures, QED Investors and 4 other investors.

Payhawk's valuation has grown 250x from $4M at its seed round in February 2019 to $1B in March 2022, across 3 priced rounds.

Payhawk valuation by funding round

Revenue multiple
Payhawk valuation by funding round
DateStageValuationRevenue Multiple
Mar 2022Series B$1B-
Nov 2021Series B$570M12.7x
Feb 2019Seed$4M-

Payhawk Revenue

Payhawk's latest recorded revenue is $45M, as of its Series B in November 2021. At a $570M valuation, that implies a 12.7x revenue multiple.

Payhawk revenue by funding round

Payhawk revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2021$45M$570M12.7xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Payhawk Funding History

Payhawk has raised a total of $239M across 6 funding rounds.

Payhawk's first fundraising round was a $200K angel round in October 2018. The most recent completed round was a $100M Series B in March 2022.

Payhawk funding rounds

Payhawk funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2022Series BLightspeed Venture Partners (lead); Greenoaks; Jigsaw VC; Sprints Capital; HubSpot Ventures; QED Investors; Endeavor Catalyst; Hedosophia; Bek Ventures; Bossa Invest$100M$1BPayhawk is a payment and expense management platform founded in 2018, headquartered in London with offices in Sofia, Berlin, and Barcelona, targeting small and medium-sized businesses and enterprises with integrated solutions for cards, invoices, expenses, and payments. In March 2022, it raised an additional $100 million in a Series B extension led by Lightspeed Venture Partners, bringing the total Series B to $215 million and achieving a post-money valuation of $1 billion, marking it as the first Bulgarian unicorn. New investors included Sprints Capital, Endeavor Catalyst, HubSpot Ventures, and Jigsaw VC, alongside existing backers like Greenoaks, QED Investors, and Earlybird Digital East; other participants matched Bek Ventures and Hedosophia from prior context. This extension followed the initial $115 million Series B tranche in November 2021 at a $570 million valuation and a $20 million Series A in April 2021. The company reported doubling its annualized recurring revenue every quarter leading into the extension. Payhawk planned to use the funds for aggressive expansion into the mid-sized enterprise market, global growth including new offices in Amsterdam, Paris, and New York, and tripling its headcount to 300 employees. The round positioned it as a leader in Central and Eastern Europe's B2B startup scene, second only to UiPath's prior raise in the region. Later developments included talks in 2026 for over $100 million at a $2 billion valuation, with 2024 ARR reported at €39.5 million, but these post-date the 2022 round.
Nov 2021Series BGreenoaks (lead); Eleven Ventures; Sprints Capital; QED Investors; Bek Ventures$115M$570MPayhawk is a fintech company providing an integrated payments and spend management platform that combines corporate cards, expense management, bill payments, and reimbursements into a single solution, targeting businesses to streamline financial operations and reduce manual processes. Founded in 2018 with offices in London, Sofia, Berlin, and Barcelona, it serves a global customer base including scale-ups and enterprises like A.T.U, Luxair, Flink, Viking Life, and Wagestream. On November 22-23, 2021, Payhawk raised $112 million (some reports cite $115 million) in an all-equity Series B round led by Greenoaks, with participation from existing investors including QED Investors, Eleven Ventures (via Earlybird Digital East), and others. This came just seven months after a $20 million Series A, marking the second-largest Series B for a B2B company in Central and Eastern Europe after UiPath and the largest in Europe's spend management space. The round valued the company at a post-money valuation of $570 million and brought total funding to around $139 million, with proceeds aimed at accelerating product development, sales, marketing, and international expansion including into the U.S. The company demonstrated strong traction, reporting a 663% increase in transaction volumes since the Series A and over 45% month-on-month growth in October 2021, alongside doubling its growth trajectory. Greenoaks highlighted Payhawk's potential to transform fragmented corporate spend processes, drawing parallels to its investments in Stripe, Robinhood, Brex, and Checkout.com. This initial Series B was later extended in early 2022 with an additional $100 million led by Lightspeed Venture Partners at a $1 billion unicorn valuation, bringing the total Series B to $212-215 million and overall funding to $342 million, with new investors like Sprints Capital joining. Payhawk positioned itself as a comprehensive alternative in the competitive corporate card and expense management market against players like Brex and Stripe.
Apr 2021Series AHedosophia (lead); QED Investors (lead); Bek Ventures$20M-Payhawk is a platform for unified payments and expense management, combining payment processing, invoicing, and expense management into a single solution for finance teams. The company enables automation of spending controls, budget management, and approval workflows through AI and machine learning integration. In April 2021, Payhawk closed a $20 million Series A financing round led by QED Investors, with participation from existing investor Earlybird Digital East. The company demonstrated strong traction heading into the round, posting 10x growth in 2020 and doubling revenue in Q1 2021, though the specific valuation for this round was not publicly disclosed. Payhawk's customer base included fast-growing and multinational companies such as LuxAir, Lotto24, Holded, Nexo, and MacPaw. The round proceeds were allocated toward expanding product coverage across countries and currencies, accelerating AI/ML capabilities, and tripling the marketing and sales team to increase presence in the UK, Germany, and Spain. By 2024, the company had reached €39.5 million in annual recurring revenue, and in early 2026 was reportedly in talks to raise over $100 million at a $2 billion valuation, reflecting its trajectory to unicorn status achieved in 2022.
Mar 2020SeedBek Ventures (lead); Eleven Ventures; Perry Blacher; MFG Invest AD; Tiny Supercomputer Investment Company; Vassil Terziev; Keith Robinson; Stanimir Vassilev; Mark Ransford; Svetozar Georgiev; Mark Antipof$3M--
Feb 2019SeedEleven Ventures (lead); Perry Blacher; MFG Invest AD; Vassil Terziev; Mark Ransford; Faris Sweis; Svetozar Georgiev$600K$4M-
Oct 2018AngelVassil Terziev; Svetozar Georgiev$200K--

Who has invested in Payhawk?

21 investors have backed Payhawk across its funding rounds, including Bek Ventures, QED Investors, Eleven Ventures, Svetozar Georgiev, Vassil Terziev and Greenoaks.

Lead investors include Lightspeed Venture Partners, Greenoaks, Hedosophia, QED Investors, Bek Ventures and 1 other investor.


Payhawk Investors

Investors in Payhawk by funding rounds participated
InvestorHQRoundsRoleFirst check
Bek VenturesTurkeyIstanbul4LeadMar 2020
Eleven VenturesBulgariaSofia3LeadFeb 2019
Vassil TerzievBulgariaSofia3ParticipantOct 2018
QED InvestorsUnited StatesAlexandria, VA3LeadApr 2021
Svetozar GeorgievBulgariaBulgaria3ParticipantOct 2018
GreenoaksUnited StatesSan Francisco, CA2LeadNov 2021
Perry BlacherUnited KingdomLondon2ParticipantFeb 2019
MFG Invest ADBulgariaSofia2ParticipantFeb 2019
Sprints CapitalUnited KingdomLondon2ParticipantNov 2021
HedosophiaUnited KingdomLondon2LeadApr 2021
Mark RansfordUnited KingdomLondon2ParticipantFeb 2019
Jigsaw VCJerseySt. Helier1ParticipantMar 2022
Tiny Supercomputer Investment CompanyUnited KingdomLondon1ParticipantMar 2020

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Payhawk Competitors

Payhawk competitors include listed companies like BILL.com and Corpay, and private ones like Check, Tide, RevenueCat and Primer.

Public and private companies comparable to Payhawk
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CheckUnited StatesNew York City, NYPrivate--$725M-
TideUnited KingdomLondonPrivate$225M-$1.5B6.7x
RevenueCatUnited StatesSan Francisco, CAPrivate$30M-$500M16.7x
PrimerUnited KingdomLondonPrivate$4M-$425M106.3x
BILL.comUnited StatesUnited StatesPublicly listed$1.7B$34M$4.1B2.4x
CorpayUnited StatesUnited StatesPublicly listed$4.5B$2.4B$27B6.8x

Payhawk Public Comps

Payhawk is still privately-owned, but its public comps include Jiangsu Tongxingbao, Eurowag, Optasia, Worldline, Fujian Boss Software, Cuscal, Isracard, SY Holdings Group, PicPay and Fawry.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Jiangsu Tongxingbao$159M$47M2.7x-9.2x-
Eurowag$2.7B$119M0.5x3.0x10.3x7.5x
Optasia$265M$79M4.3x3.6x14.5x9.1x
Worldline$4.6B($5.2B)0.6x0.7x(0.6x)3.8x
Fujian Boss Software$299M$40M2.8x2.9x21.1x21.0x
Cuscal$297M$22M5.1x5.8x67.8x24.6x
Isracard$1.2B$48M1.9x-49.8x-
SY Holdings Group$135M$120M5.8x-6.5x-

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Common questions about Payhawk

When was Payhawk founded?Payhawk was founded in 2018.
Where is Payhawk headquartered?Payhawk is headquartered in Sofia, Bulgaria.
Is Payhawk publicly listed?No, Payhawk is a private, VC-backed company.
What is Payhawk's valuation?Payhawk was last valued at $1B in its Series B in March 2022.
How much funding has Payhawk raised?Payhawk has raised $239M across 6 funding rounds.
What was Payhawk's last funding round?Payhawk's last funding round was a $100M Series B in March 2022, led by Lightspeed Venture Partners.
Who are Payhawk's investors?Payhawk's investors include Bek Ventures, Eleven Ventures, Vassil Terziev, QED Investors, Svetozar Georgiev, Greenoaks, Perry Blacher, MFG Invest AD, Sprints Capital, Hedosophia and 11 others.
What is Payhawk's revenue?Payhawk's latest recorded revenue is $45M (November 2021).
What is Payhawk's revenue multiple?Payhawk's latest valuation implies a 12.7x revenue multiple ($570M valuation on $45M of revenue).
Which companies are comparable to Payhawk?Companies comparable to Payhawk include Check, Tide, RevenueCat, Primer, BILL.com and Corpay.

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