Mishcon de Reya has advised FinTech start-up Payhawk Limited, the integrated financial platform which unifies company payments and expense management, on raising an additional $100 million to extend its Series B round to $215 million. The extension round was raised at a valuation of $1 billion, making Payhawk the first ever Bulgarian company to achieve unicorn status.
The additional funding comes only three months after Payhawk's initial tranche of Series B funding in November 2021 of $115 million, which was the second largest Series B for a B2B company in Central and Eastern Europe, and less than a year after its $20 million Series A round in April 2021.
This new capital will be used to further grow Payhawk’s product team by adding 60 additional senior software engineers in Sofia from the top 1% of the market. Payhawk is also set to open offices in Amsterdam and Paris in March, and in New York in September.
Innovation Partner Andrew Wolfin, who led the team at Mishcon de Reya, said, "Having advised Payhawk on its Series A and Series B last year, we are thrilled to have advised on this additional round and to see the company achieve unicorn status – we are excited to be on this journey with the Payhawk team and are looking forward to continuing to work with them as the business grows."
Payhawk founder Hristo Borisov said "As with our previous rounds, Andrew and the Mishcon team supported us on every step of the way – they naturally understand what founders and entrepreneurs need from their lawyers and provided invaluable legal and commercial advice and guidance throughout the process. We have greatly enjoyed working with them".