Payhawk in a €3M round led by Earlybird

Payhawk, a Sofia, Bulgaria-based provider of a paperless corporate card that simplifies expenses for businesses, announced closing a €3 million ($3.3M) seed funding round.

The money was raised from investors led by Earlybird’s Digital East Fund, and with participation from Berlin-based TinyVC, and angel investors such as Mark Antipof, ex-Chief Commercial Officer at Visa Europe, and Keith Robinson, Chief Strategy Officer at Sage.

Proceeds will be used to increase its presence in the German market after it recently opened an office in Berlin.

Payhawk, founded in 2018 by CEO Hristo Borisov, helps businesses simplify spending, with its next generation paperless company cards. Its unique platform enables CFOs and business owners to manage the entire spending lifecycle end-to-end, from loading employee corporate cards with funds, paying and collecting invoices, to reconciling all transactions in the company accounting software, and finally generating reports. In other words, the platform closes the gap between corporate cards and expense management, by providing a product that works on top of existing banks.

Payhawk has office in Sofia and London and intend to open another one on Berlin.