Remember the last time you had to buy something for the business for which you work and have followed the long and painful reimbursement process? Then you will understand why Payhawk.io is so well received from investors, and not only.
Founded in the summer of 2018, Payhawk.io Launched his product less than 20 days ago and has already paid customers on three markets. THE fintech Startup has developed a spending management system designed for small and medium -sized businesses. Payhawk.io has just closed a series of seeds of € 500,000 of eight business angels and Eleven companies. In addition, this is not the first financing of the company.
Pay me if you can
“A few years ago, when I was still part of a computer company, I had a very big budget under my direction. However, whenever I needed to spend $ 200 at $ 300, I had to deal with administrative documents and formalities for at least a week, “recalls Hristo Borisov, co-founder of Payhawk.io.
It was during his time as Product Director in Progress and when he began to recognize a market need. The problem is that companies generally have corporate cards and they are held by the owners. When employees need to pay something, the process is long and boring, involves bills, accountants, additional transfers. Logically, after progress, with his colleague Boyko Karadzhov, they started working on the solution.
Improved revolut for small businesses and startups
They proposed a system that allows instant issues of digital and physical debit cards (takes several days) for employees. The manager decides on the budget that each employee could spend, sets an account and limits and could monitor expenses in real time. It works like Revolut.
“To be able to see your real expenses in real time and coordinating it with the defined budgets is crucial for small businesses,” explains Borisov.
Employees can take photos and download invoices in the system so that accounts can also do their job. Payhawk.io software extracts all invoice data and sends structured reports and loans to use. As simple as that.


Since the official launch of the product in February 2019, the team of 7 has already attracted eleven customers of the United Kingdom, Germany and Bulgaria. The company has two types of customers – well -funded startups with teams of around 20 and large companies with up to 150 employees. The price is the same for each customer – it starts from € 10 per user per month.
The company has its R&D in Sofia and a sales office in London. Unlike many startups, Payhawk.io has decided to offer the product on the local market and support the Bulgarian currency and the Cyrillic interface. The target markets are however the United Kingdom and Germany.
Eight angels, a fund and count
The first investment of € 150,000 came from the co-founders of Telerik Vassil terziev And Svetozar Georgiev In the first days of the company, long before the product of the product. “Before a single line of code, Payhawk.io had validated the concept. Before infrastructure, there had been around 20 iterations of the value proposal and customer development. There are only a few companies that have reached this maturity so quickly, ”said Terziev in a previous conversation.
In January, Payhawk.io was recognized as one of the most innovative fintech companies in Europe at Paris Fintech Forum. The startup has won the prize – a strategic partnership with payment operators – Visa and Wirecard, in a competition with 50 companies from 18 countries across Europe.
Now, the company announces its second investment round of € 500,000 to double its team and develop the sales office in the United Kingdom. In addition to eleven companies that supported the company with € 300,000, and Terziev and Georgiev, which followed their previous support, other experts in the Bulgaria and the United Kingdom have joined the Round. Among the investors of Payhawk.io are now Perry Blacher, Fintech advisor to Google, and principal digital advisor of Barclays UK and Mark Ransford, investor and adviser to high growth startups in the Fintech sector. The two Bulgarian financial entrepreneurs – Nedelcho Spassov and Stanimir Vassilev, co -founders of Financial Group management, are also part of the swimming pool.
“The presence of so many highly respected investors in this round speaks of the quality and potential of Payhawk.io“, Daniel Tomov, partner at Eleven Ventures, commented.
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