Payhawk Launches Spend Management Solution in US

European spend management solution Payhawk has officially launched in the United States, introducing a U.S. credit card to support companies that have multiple offices across the United Kingdom, Europe and the U.S.

With the addition of the U.S. credit card, Payhawk now offers a mix of credit cards and debit cards that enable finance teams to use the company’s spend management platform in 32 countries on the two continents, according to a Tuesday (Sept. 13) press release.

“Our goal is to focus on providing the best solution on the market for global scaleups and enterprises,” Payhawk co-founder and CEO Hristo Borisov said in the release. “Naturally, these businesses have an international presence, and we want to cater for that.”

Previously, companies operating in both Europe and the U.S. had to use multiple credit card issuers and handle a complicated controlling and reconciliation process, as well as multiple currencies and payment systems, he said.

“Our expansion to the U.S. is yet another exciting step on our journey to better support our international client base, and simplify the tech stack of global finance teams,” Borisov continued.

The Payhawk spend management platform also provides finance leaders with real-time reconciliation by integrating with multiple enterprise resource planning (ERP) systems. It also helps finance leaders manage multiple international entities and implement governance and control at scale, according to the release.

As PYMNTS reported in March, Payhawk was launched in 2018 and became Bulgaria’s first unicorn after completing a $250 million Series B funding round earlier this year.

Read more: Fragmented Markets Drive Demand for Streamlined Spend Management Solutions

“We are combining not only current company payments, but also payments for accounts payable and reimbursing employees that don’t have access to company cards,” Borisov told PYMNTS at the time in an interview. “All the company spend can go to one single system across the [business] — that’s the unique thing we bring to the market.”

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