London-based Payhawk, a paperless company card that streamlines bills, has closed €three million in seed funding. The spherical was led by Earlybird’s Digital East Fund with participation from Berlin-based TinyVC, and angel buyers within the trade akin to Mark Antipof (ex-Chief Business Officer at Visa Europe) and Keith Robinson (Chief Technique Officer at Sage).
The fintech startup combines company bank cards and expense administration into one service, lowering the hassles and delays that include staff spending private cash and requesting reimbursements.
“Our fee answer addresses precisely this ache level and helps companies of their transition to a brand new, paperless and digital age with out being compelled to change banks,” explains Hristo Borisov, CEO of Payhawk.
Two years in the past, the startup was based in Sofia, Bulgaria by Boyko Karadzhov and Hristo Borisov. Now based mostly in London, Payhawk lately opened an workplace in Berlin, supposed to be the corporate’s new gross sales headquarters, and can use the seed funding to extend its presence within the German market.
To this point the Bulgarian-British startup serves prospects in 14 European international locations, fueled by a €500,000 pre-seed spherical led by Eleven final 12 months.
Remarking on what makes Payhawk’s product completely different in a sea of fintech startups, co-founder of Earlybird Roland Manger mentioned: “Neobanks paved the way in which for nice buyer expertise in funds. AI and machine studying already outperform guide information entry of invoices and cloud-based expense apps have existed for greater than a decade. Payhawk determined to mix the most effective of what exists in the present day and combine it right into a next-generation platform.”