November 23 (SeeNews) - Bulgarian paperless expense management solution provider Payhawk said on Tuesday that it has raised $112 million (99.4 million euro) in a Series B financing round led by San Francisco-based investor Greenoaks, valuing the company at $570 million.
All existing investors, including QED Investors, Earlybird Digital East and Eleven Ventures, are participating in the round, Payhawk said in a press release.
The financial technology company said it will use the new funds to accelerate its product roadmap with the launch of a credit card in the first quarter of 2022, and low-cost cross-border transfers as an alternative to SWIFT payments.
The new funding comes just seven months after the closure of the company's $20 million Series A financing round, led by QED Investors.
This is the second largest ever Series B for a B2B company in the central and eastern Europe (CEE) region after that of Romanian robotic process automation (RPA) startup UiPath, and the largest and fastest Series B in the spend management space across Europe, Payhawk noted.
Since the Series A round, transaction volume through Payhawk's platform has increased by 663%, continuing to grow at more than 45% month-on-month in October. The expansion and product build plans will run in tandem with growing the marketing and sales team in Payhawk’s key markets of the UK, Germany, Spain and Benelux, the company said.
Payhawk currently serves companies in 27 countries with its company cards and spend management platform all over Europe. It has offices in London, Sofia, Berlin and Barcelona. The company plans to continue its global expansion, aiming to open offices in the USA, Netherlands, France, Australia and Singapore.
Greenoaks has a strong track record of investing in high-growth technology companies, such as Gorillas, Robinhood, Stripe and Brex, according to the press release.
($ = 0.8878 euro)