Business Wire India
- European-born fintech Payhawk introduces its leading spend management solution to the US market to support global scaleups and enterprises with offices in multiple countries
- In response to market demands, and with more than 10% of its customer base already subscribed to a waiting list, the company launches its first credit card product in the US
- The US credit cards will run alongside its existing cards in the UK and Europe to support global scaleups in 32 countries
- The entry into the US market comes off the back of a record year of growth for Payhawk, in which revenue has grown by over 520%, and employee headcount by over 250%
Payhawk, the spend management solution with a presence across the UK and Europe, officially launches in the US today. The unicorn has opened an office in New York and is introducing a US credit card to support companies with multiple offices across the UK, Europe, and the US. The US launch is a key part of Payhawk’s expansion strategy, following a record year of growth that has seen its revenue grow 524%, and its employee headcount grow 250%, year to date.
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Payhawk co-founders Konstantin Djengozov CFO (left), Hristo Borisov, CEO (center), Boyko Karadzhov CTO (right) (Photo: Business Wire)
The transatlantic expansion means that not only is Payhawk’s spend management solution now available to US customers, but by offering a mix of credit cards and debit cards, it becomes the first and only business in the space to offer the most prominent card types in each market. This enables finance teams to use a single spend management solution across different continents. With more than 2.6m businesses with over 100 employees across the UK, Europe, and the US, Payhawk is well positioned to serve these with overlapping operations between the two continents.
Alongside its unique global footprint, Payhawk differentiates itself through its strong enterprise focus. It offers market-leading native integrations with multiple enterprise ERP systems for real-time reconciliation, spending policy features to help finance leaders implement governance and control at scale, and the ability to manage multiple international entities in a single platform. To date, Payhawk already serves scaleups and enterprises in 32 countries.
With the launch of its first credit product in the US, Payhawk’s product offering is closely aligned with corporate purchasing habits in each region. The US VISA credit card enjoys high global acceptance, credit limits up to $250,000 USD and customizable spend policies.
Starting today, customers have the ability to enrol onto a waiting list for up to a 1.5% cashback* offering, with the first customers going live in October. To further demonstrate its commitment to the US SaaS market, Payhawk is also sponsoring SaaStr Annual in Silicon Valley.
Hristo Borisov, co-founder and CEO, Payhawk, said: “Our goal is to focus on providing the best solution on the market for global scaleups and enterprises. Naturally, these businesses have an international presence, and we want to cater for that. Today, more than 10% of our customer base is already on a waiting list for our US credit card.
A significant proportion of scaling companies in Europe have US operations, and before today, they were forced to use multiple credit card issuers, making the controlling and reconciliation process for finance teams a nightmare. The same is true for US companies with European operations where the number of currencies and payment systems can be daunting.
Our expansion to the US is yet another exciting step on our journey to better support our international client base, and simplify the tech stack of global finance teams.”
* Up to 1.5% cashback on card payments capped at your subscription.
Payhawk is the leading global spend management solution for scaling businesses. Headquartered in London and combining company cards, reimbursable expenses and accounts payable into a single product; its future-facing technology enables finance teams to control and automate company spending at scale.
The Payhawk customer base includes fast-growing and mature multinational companies in 32 countries including LuxAir, Gtmhub, and Wagestream. With offices in New York, London, Berlin, Barcelona, Paris, Amsterdam and Sofia; Payhawk is backed by renowned investors such as Lightspeed Venture Partners, Greenoaks, QED Investors, Earlybird Digital East, and Eleven Ventures.
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