Bulgarian payments management platform Payhawk reached a valuation of 1 billion dollars (893 million euro)
Payhawk raised 100 million dollars in the follow-up to a Series B round, which was first unveiled in November 2021, it said in a statement. The company has now nearly doubled its then valuation of 570 million dollars.
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The latest cash call brings to 215 million dollars the total amount secured by the Bulgarian fintech in the round.
The most recent transaction comes on the heels of Payhawk's 20 million dollar Series A round completed in April 2021.
The company attracted as new investors Sprints Capital, Endeavor Catalyst, HubSpot Ventures and Jigsaw VC. Its current backers, among which Greenoaks, QED Partners and Earlybird Digital East, also took part in the fundraising.
The fresh funds will be deployed to expand the fintech's workforce, with the addition of 60 more senior software engineers in Sofia and the goal of tripling its total headcount to over 300 by the end of 2022. Payhawk is readying to open new offices in Amsterdam and Paris in March, followed by one in New York in September.
The Bulgarian company will also invest in further developing its technology to meet growing customer demand for new tools like mileage tracking and per diem. Enterprise customers stand to benefit from the extension of features, including Oracle Netsuite, subscription management and budgets.
Founded in 2018, Payhawk has developed a subscription-based, enterprise-grade software that combines expense management, payments and invoice management in a single platform, reducing manual work required by finance teams. Payhawk has offices in London, Sofia, Berlin and Barcelona and serves businesses in 30 countries.