Payhawk, the fast-growing spend management platform for enterprises, celebrates 2 years in Spain. The Spanish market currently represents 20% of the global business and includes customers such as Fagor, Wallbox, Heura, and Wallapop.
Payhawk, the spend management solution that includes expenses, company cards, invoices, and payments, celebrates the second anniversary of its first operations in Spain. During this time, Payhawk has positioned itself as one of the leaders in its sector, focusing on fast-growing businesses and companies with more than 200 employees. So far this year, its turnover in Spain has increased by 242% and currently represents 20% of the global business.
Spain has always been one of the priority markets for the fintech. Two years ago, Commercial Director Iñigo Aguirre first worked as the sole team member in Spain but now has the support of 24 professionals, growing to 30+ in 2023.
"We're very proud and excited about the position we have achieved in just two years, as we believe it's a direct reflection of the value that Payhawk brings to the Spanish market for enterprise expense and payment management solutions," states Aguirre. "Now, we want to keep growing and demonstrate the potential of our technology to more and more companies."
The solution enables businesses to centralise and digitise their accounting and financial processes. Unlike many other options on the market, Payhawk lets companies equip their teams with company cards for expenses and automates the expense management process, including invoice payments and receipt chasing.
Payhawk technology also integrates with customers' ERPS and other accounting software options, eliminating manual processes and errors. The technology includes multi-entity management, too, letting customers unify their global expense management in a single platform.
With Payhawk, companies can automate up to 80% of their manual processes, saving finance departments time and resources that they can devote to strategic, value-driving tasks. On average, these teams save up to 3 days of admin work, and a company with a volume of 100 expenses per month can expect to make a monthly saving of approx €3,000. In addition, thanks to its cashback program (one of the highest in the market), businesses can recover a large part of the money paid with their business cards.
The value of its product has led to the startup's international expansion to 32 countries, including the UK, US, Ireland, Benelux, France, Germany, and Spain. Currently, Payhawk is the only comprehensive enterprise spending solution in Europe to offer credit cards in the UK and US. Since its inception in 2018, it has raised $240 million in funding, achieving unicorn status in the latest round in March 2022.
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