Company: Payhawk
Founders: Hristo Borisov (CEO), Konstantin Dzhengozov (CFO), and Boyko Karadzhov (CTO)
Website: https://payhawk.com/
About Payhawk
In a nutshell:
Founded in 2018, Payhawk became Bulgaria’s first unicorn in 2021, raising $215M
Payhawk simplifies spend management with real-time spend data, ERP integrations, expense management automation, and more, all in one place — innovating a cross-functional experience for finance (and non-finance) teams
It serves businesses in 32+ countries, helping finance teams save time, improve efficiency and visibility, and close the month faster (often up to 50% faster)
In 2023, Payhawk grew revenue by 114% YoY and strengthened its global financial partnerships
Payhawk started in 2018 because its founders, Hristo Borisov (CEO), Konstantin Dzhengozov (CFO), and Boyko Karadzhov (CTO) saw the complexity and inefficiency in spend management, involving multiple tools and endless receipt chasing. Payhawk has addressed a significant real-world problem in a large market – reinventing how businesses manage spend.
Designed for mid-size and large businesses, Payhawk stands out by consolidating spend data and offering streamlined ERP and accounting software integrations, helping businesses make faster, smarter decisions. It also ensures spend-policy compliance and efficiency via its other key features (including corporate cards, an easy-to-use app and receipt capture, a multi-entity dashboard, and more).
Fast forward to November 2021, and Payhawk made history twice. First, raising $215M, making it the second-largest Series B for a B2B company in Central and Eastern Europe. Second, becoming the first Bulgarian Unicorn.
Before Payhawk, many companies lacked a centralised solution, relying on disconnected tools, including Excel, bank cards, and separate expense management software, leading to unclear visibility over cash flow. Shared corporate cards meant chasing receipts and month-end was a major headache. Manual data transfer to ERPs, like NetSuite, Xero, and QuickBooks meant big delays, too and a lack of both efficiency and visibility.
For customer, Essentia Analytics, Payhawk has helped:
Reduce the Finance Controller’s workload by 50%
Cut month-end close by half (ten days to just five days)
Save over 20 hours a week on finance admin and reconciliation
Connect to their accounting software in one click (instead of multiple exports)
Carolina Einarsson, CFO at Essentia Analytics says using Payhawk has been a game changer: “Using credit cards with Payhawk is a big benefit for us. It means we have more flexibility as we don’t have to tie up our cash upfront. The accounting integration is the best I’ve seen on the market, too; we connect to Xero with just a click.” End users love using Payhawk too, praising it as “an easy tool to navigate.”
In November 2024, Payhawk announced its impressive revenue growth, showcasing a 114% YoY consolidated revenue growth for 2023 and achieving gross profitability at 77%. Following strong growth and increased demand, the company continues to strengthen its financial infrastructure after newly granted licences in the UK and EU by partnering with financial giants such as J.P. Morgan Payments and ClearBank, adding SWIFT membership, and strengthening its C-Suite team for the next stage of growth.
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