QED investors back UK fintech Payhawk to the tune of $20m
Payhawk, the London-based fintech that develops spending software to simplify expenses, payments and card spending for businesses, has been given a capital injection by QED Investors, the backers of Klarna a further 18 unicorn fintechs
QED Investors joined forces with existing investor Earlybird Digital East in Payhawk’s second funding drive, which took place a year after its $3.6m seed round in March 2020.
Payhawk enjoyed a 10-fold growth explosion in 2020, as its services that provide one-stop-shop solutions to payment systems bypass the need for multiple, disconnected tools used in finance management.
The fintech’s offerings minimise manual work, provide budget monitoring facilities, and offer real-time insights as well as fully automated payment systems. The company’s offering enables businesses to manage their finances in 30 countries
Fintech European expansion
According to reports, the new funding will enable Payhawk, which was founded in 2018, to expand its product offering and team. The fintech will also put part of the capital into growing it’s coverage for businesses outside the UK and Europe.
New payment products will include credit cards as well as support and additional currencies with leading FX rates. Payhawk will also work on streamlining cash flow from existing bank accounts to its platform to offer unlimited spending services for finance teams.
Payhawk technology investment
Plans are afoot to triple Payhawk;s marketing and sales team in 2021, expanding into Spain and Germany. Investments will also be channeled into the latest technologies, including AI and machine learning technologies that introduce smart workflows to reduce the need for approvals and reviews.
Speaking about the latest funding round, Yusuf Ozdalga of QED Investors said he saw great potential in Payhawk’s expansion strategy, “The company is growing at a phenomenal rate. The company’s product fundamentals are exceptionally strong, and industry trends are working in the company’s favour too.”
He pointed out that as budgets are more typically managed online by remote teams, there is unprecedented demand for cost-effective finance solutions. “We look forward to working with Hristo and the team,” he added.
Payhawk’s CEO and founder Hristo Borisov, explained, “ We have huge ambitions for the year ahead. Over the next year, we are keen to provide great support to finance teams across 30 plus countries to manage company cards, invoices and payments in a unified and efficient way.”
He added, “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. To do this, we need to invest in building the right setup and team to scale further, and the new funding round will enable us to do this.”
Everton FC signs Sokin as its global payment partner
Everton Football Club have signed up Sokin as their official global payments partner.
Sokin is a new global currency account provider that specialises in creating open and transparent payments platforms.
The innovative fintech which launched in 2019, has agreed to a multi-year partnership that will see Sokin’s cutting-edge platform handle the Liverpool-based football club’s global currency transactions.
Disruptive startup fintech
Sokin’s founder Vroon Modgill, a first-generation immigrant, discovered how cumbersome money exchanges were and set about creating a frictionless system that can transfer funds cheaply, swifty and easily to global destinations.
The London-based fintech has grown massively since its launch and now has offices in 10 countries. Sokin also provides a streamlined subscriber platform that opens up global access to FX transfers and payments, allowing people and businesses to transact in 38 currencies and 200 countries and territories.
Fintech partnership with Everton FC
The long-term agreement with Everton sees Sokin further boost the Blues’ growing partnership portfolio while the fintech’s collaboration with the football club strategically supports Everton's FX and payments requirements via its global platform.
The partnership will also propel Sokin into a new position as a leading global fintech provider. Modgill said of Everton FC, “This ethos is a fantastic fit for Sokin’s services. As a leading financial service provider, we exist to make global payments simple and offer a trouble-free service that our customers can trust.
“We look forward to seeing the Sokin name appear around Goodison Park – one of football’s most iconic stadiums – and embarking on this journey together. Sokin – the People’s Card, working with the People’s Club.”
Speaking about the partnership, Alan McTavish, commercial director at Everton, explained, “We are delighted to welcome Sokin on board as our newest club partner and look forward to helping them promote their leading global payments offering to millions of our fans and followers around the world.
McTavish added, “Working with such a global brand is an integral part of our commercial growth strategy. Sokin is a truly innovative, forward thinking company that puts its customers and customer experience at the centre of its operation and is a perfect fit within our exciting partnership portfolio.”