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.”
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!