Payhawk in a $20 million deal led by the US-based fund QED Investors.

Payhawk, a Sofia, Bulgaria-based operator of a platform for payments and expense management, announced completing a $20 million funding deal.

The money was raised from investors led by QED Investors, joined by existing investor Earlybird Digital East. Proceeds will be used  to further expand its product offering and team.

Payhawk, founded in 2018 by CEO Hristo Borisov, developed an all--in-one B2B financial platform aggregating tools for payment, invoices and expense management. Payhawk acts as a one-stop-shop, combining these key elements. As a result, Payhawk empowers finance teams to reduce manual work, keep tight control of budgets in real-time, and fully automate spend.

The company says that it posted 10x growth in 2020, and doubled its revenue in Q1 of 2021. Its customer base consists of a mix of fast-growing and multinational companies including LuxAir, Lotto24, Holded, Nexo, MacPaw and By Miles.

Payhawk previously raised $3.3M in 2020 and a total of $4M since being founded.