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The first unicorn in Bulgaria is a fintech company that specializes in expenditure management

Following the expansion of its Series B funding round, expense and payment management platform Payhawk has now become Bulgaria’s first $1 billion company. Payhawk has secured an additional $100 million, bringing its total valuation to $1 billion.
With a fascinating last year’s $570 million valuation, Payhawk raised $112 million in November 2021, making it the largest startup investment round in Central and Eastern Europe.

Recently, the fintech set a new milestone by raising $100 million and nearly doubling its valuation to $1 billion, making it Bulgaria’s first unicorn.

“Becoming the first unicorn in Bulgaria is a huge testament to the hard work and resilience of our team over the last three and a half years,” said Payhawk’s founder and CEO Hristo Borisov.

“We always knew that we could build a big company if we addressed a significant problem in a large market. The size of the opportunity still drives our growth and ambition today.”

Payhawk has offices in London, Berlin, and Barcelona, in addition to Sofia, Bulgaria, and claims it will utilise its new financing to grow further with openings in Amsterdam, Paris in March, and New York in September.
It will also triple the company’s workforce from 100 to over 300 by the end of the year, with sales and marketing playing a critical role in the company’s global expansion.

The round was led by new investor Lightspeed Venture Partners, along with Sprints Capital, Endeavour Catalyst, HubSpot Ventures, and Jigsaw VC, and all of Payhawk’s existing investors are participating, including Greenoaks, QED Partners, and Earlybird Digital East.

Payhawk solves a variety of business challenges, such as maintaining corporate cards, dealing with expenditure, creating reports, bill payments, and invoicing, all of which are now handled manually in many organisations.

Borisov remarked that all the employees which interact with business payments believe that there should be a better way to do it and this massive problem has never been addressed by a strong product team with a serious technical background. This is what Payhawk delivers to the market.

Photo by Valeri Terziyski

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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