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Mishcon de Reya advises Payhawk on $20m Series A fundraising

Posted on 6 May 2021

Mishcon de Reya has completed the US$20m Series A fundraising for FinTech start-up Payhawk Limited, an integrated financial platform which unifies company payments and expense management.

The round was led by QED Investors – a fund that has invested in 18 FinTech unicorns including Swedish buy-now-pay-later fintech Klarna & Brazilian digital bank Nubank – with participation from existing investors Earlybird Digital East.

Payhawk, which was founded in 2018 in Bulgaria, is building a unified system for companies to manage money going in and out. Payhawk also enables businesses to issue corporate cards for their employees, to manage invoices and track payments from a single interface.

Andrew Wolfin commented: "We are delighted to have advised Payhawk on this successful and significant fundraising. The business is growing at an impressive rate and the current climate has led to the remote nature of company finances being a key issue to address. We look forward to working with Payhawk in the future and following their journey as they expand into new markets."

Payhawk hopes to become a one-stop-shop for payments, invoices and expense management, helping finance teams to fully automate spending, track budgets and reduce paperwork in an efficient way.

Throughout 2020, Payhawk saw its growth multiply tenfold and its revenue double in the first quarter of 2021 alone. It currently offers its services to 200 clients in 30 countries across Europe and the UK, including LuxAir, Lotto24, Viking Life, ATU, Gtmhub, MacPaw and By Miles. With the new capital, it plans to expand its presence beyond those markets, as well as expand its product offering, grow its employee numbers and launch its services in new currencies.

Payhawk CEO and founder Hristo Borisov said: "Andrew was on hand at all times to guide us legally and commercially through the fundraising process, demonstrating a clear understanding of the key issues which matter to businesses like ours in the early-stage tech space. We look forward to continuing to working with him and the wider Mishcon team in the future."

Innovation Partner Andrew Wolfin managed the transaction, with assistance from Corporate Trainee Solicitor Hannah Ring.

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