Bulgaria capitals

Payhawk becomes the very first Bulgarian unicorn

Payhawk, the London-based and Bulgaria-founded fintech that provides businesses with a unified platform for managing cards, payments, bills and expense management, has raised an additional $100m to expand its lifecycle. series B to $215 million, becoming the first Bulgarian company to achieve unicorn status.

The previous round in November 2021 valued the company at $570 million.

The company, which has offices in London, Sofia, Berlin and Barcelona and whose customer base consists of a mix of scale-ups and enterprises in 27 countries across Europe, aims to further expand its product offering by introducing credit cards and allowing cross-border transactions in addition to its bill management system.

The new capital will also be used to grow Payhawk’s product team by adding an additional 60 senior software engineers in Sofia to meet growing customer demand for new features such as mileage tracking and per diems, to light of the gradual return of business travel. Other existing features for enterprise customers will also be expanded, including Oracle Netsuite integration, subscription management and budgets.

Building on the momentum of the first inflow of Series B capital, Payhawk is expected to open offices in Amsterdam and Paris in March, and in New York in September. The company’s workforce is also expected to triple from 100 to more than 300 by the end of this year, with the additional funds earmarked to fuel a new sales and marketing campaign for further market expansion.