On November 23rd 2021, we announced that Payhawk, an international payment and expense management software company, has raised a landmark $112 million in our Series B. Firstly, I wanted to say thank you to our investors on behalf of everyone at Payhawk. It's a huge milestone for us, and according to pitchbook, it means we’ve just achieved the 8th largest B2B Series B round in Europe. And the second largest in eastern Europe.
Secondly, I wanted to share the results of a recent Q and A I had with the team. We covered questions on what the Series B investment means for Payhawk's immediate growth. We also discussed how to approach investment rounds and what I’ve learned about software development and product management from keeping score in tennis. In this post, I share some of the best answers and sorry, no tennis this time. What do we want to achieve post-Series B? It’s hard to cover everything in one short answer but in a nutshell, our three priorities are:
What new problems will we solve? The concept of a single solution that can manage all of a team's expenses just wasn't there before, so we’ll keep solving that problem and in better ways than ever. With the Series B investment, we can expand use cases of the product, create features, and develop new capabilities such as per diems and cheaper international transfers in 50+ currencies including USD. All of which give the finance team more control, transparency and time.There are a few things that we often hear when we first demo our product. "How can all those things go into a single system?" Or, "Can we really start using it straight away?" Finance teams are surprised that the implementation is so easy, as new projects usually take months to integrate. We'll make sure that this feeling of simplicity stays at the forefront for our customers and find new ways to improve the user experience. As a Payhawk founder, what difference does coming from a software background rather than finance make? Good question. We don't have the burdens of the finance stack for a start. We have the ignorance of tech people who build software to solve problems. We don't know about payments in a traditional sense, but when we explore it, we can see it's broken.In a lot of financial software, you'll find that everything is very fragmented. There's a heap of manual processes, and someone has to match all the details together and reconcile them. What we're doing should've been there since day one. But many of the big banks didn't have the engineering capacity, culture, or drive to change anything. They were afraid to innovate in case it killed their business.Payments have been around for hundreds of years, but there hasn't been a lot of innovation since the checkbook. Luckily changes in regulations, and initiatives like Open Banking and PSD2 have helped game-changing companies like us exist. Now, the experience we offer allows finance professionals to adopt more strategies and work more efficiently. How is the role of CFO changing? People currently won't accept a process that is heavy on manual paperwork. And why should they? The workplace is brimming with digital natives, and they expect digital solutions to solve their problems.The way we behave as consumers is slowly translating into the way we do business. We're all used to doing everything in an app, and we expect services to be digital, easy to use, trackable, and transparent. It should be no different at work, and finance managers and accountants are demanding digital-first solutions. Employees expect the company to help them be as efficient in doing their job as possible; they want to do what they're hired for, not admin.We've seen COVID-19 accelerate digitalization. Finance teams have had the time and the need to overhaul their systems. We're seeing the fruits of that now, with companies ready to look for better and more flexible digital tools.A big thank you again to our investors and the team. With our Series B funding, we're in a brilliant position to offer more customers the chance to get all-in-one finance software and incredible customer service. You can learn more about taking your business finances digital by reading our ebook: How to build your cashless business.An extract of this article first appeared on LinkedIn.
Hristo is the compass guiding Payhawk's journey. With a rich background in engineering аnd product management he is a stalwart advocate for our products and customers, bringing a mix of innovation and user-centricity to everything we do. Outside the office, you'll catch him enjoying camper and sailing trips, shredding slopes on his snowboard, or simply soaking up precious moments with his family.