April 20 (SeeNews) - Bulgarian paperless expense management provider Payhawk said on Tuesday that it raised $20 million (16.6 million euro) in a Series A financing round led by US-based venture capital firm QED Investors.
Existing investor Earlybird Digital East also contributed fresh capital, the financial technology company said in a statement.
Payhawk said that the fundraise will enable it to further expand its product portfolio and grow its team.
"The company will expand coverage for businesses outside the EU and UK; add new payment products including credit cards; and support additional currencies with industry leading FX rates," it said.
The company will also work to streamline the cash flow from existing bank accounts to Payhawk to provide unlimited spending capabilities for finance teams. Furthermore, it will accelerate its use of artificial intelligence and machine learning, in order to introduce smart workflows, and to reduce the need for manual review and approval.
Payhawk aims to triple its marketing and sales team this year, in order to implement its expansion plans in the UK, Germany and Spain.
"Over the next year, we are keen to provide great support to finance teams across more than 30 countries to manage company cards, invoices and payments in a unified and efficient way. We plan to significantly expand our integrations to existing ERP systems, and also easily connect on top of every business bank account across Europe and beyond," the company's founder and CEO, Hristo Borisov, said in the statement.
In March 2020, Payhawk attracted 3 million euro ($3.2 million) in a seed funding round led by Earlybird Venture Capital, with participation from Eleven Ventures and existing angel investors.
($ = 0.83028 euro)