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- Payhawk
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
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
Website
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| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2022 | Series B | $1B | - |
| Nov 2021 | Series B | $570M | 12.7x |
| Feb 2019 | Seed | $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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $45M | $570M | 12.7x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series B | Lightspeed Venture Partners (lead); Greenoaks; Jigsaw VC; Sprints Capital; HubSpot Ventures; QED Investors; Endeavor Catalyst; Hedosophia; Bek Ventures; Bossa Invest | $100M | $1B | Payhawk 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 2021 | Series B | Greenoaks (lead); Eleven Ventures; Sprints Capital; QED Investors; Bek Ventures | $115M | $570M | Payhawk 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 2021 | Series A | Hedosophia (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 2020 | Seed | Bek 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 2019 | Seed | Eleven Ventures (lead); Perry Blacher; MFG Invest AD; Vassil Terziev; Mark Ransford; Faris Sweis; Svetozar Georgiev | $600K | $4M | - |
| Oct 2018 | Angel | Vassil 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Mar 2020 | ||
| 3 | Lead | Feb 2019 | ||
| 3 | Participant | Oct 2018 | ||
| 3 | Lead | Apr 2021 | ||
| 3 | Participant | Oct 2018 | ||
| 2 | Lead | Nov 2021 | ||
| 2 | Participant | Feb 2019 | ||
| 2 | Participant | Feb 2019 | ||
| 2 | Participant | Nov 2021 | ||
| 2 | Lead | Apr 2021 | ||
| 2 | Participant | Feb 2019 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Mar 2020 | ||
This data is available for Pro users. Sign up to see all 21 Payhawk investors. Start Free Trial | ||||
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Start Free TrialPayhawk Competitors
Payhawk competitors include listed companies like BILL.com and Corpay, and private ones like Check, Tide, RevenueCat and Primer.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $725M | - | ||
| Private | $225M | - | $1.5B | 6.7x | ||
| Private | $30M | - | $500M | 16.7x | ||
| Private | $4M | - | $425M | 106.3x | ||
| Publicly listed | $1.7B | $34M | $4.1B | 2.4x | ||
| Publicly listed | $4.5B | $2.4B | $27B | 6.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $159M | $47M | 2.7x | - | 9.2x | - | |||
| $2.7B | $119M | 0.5x | 3.0x | 10.3x | 7.5x | |||
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
| $4.6B | ($5.2B) | 0.6x | 0.7x | (0.6x) | 3.8x | |||
| $299M | $40M | 2.8x | 2.9x | 21.1x | 21.0x | |||
| $297M | $22M | 5.1x | 5.8x | 67.8x | 24.6x | |||
| $1.2B | $48M | 1.9x | - | 49.8x | - | |||
| $135M | $120M | 5.8x | - | 6.5x | - | |||
This data is available for Pro users. Sign up to see all Payhawk competitors and their valuation data. Start Free Trial | ||||||||
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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