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Payhawk customization strategy drives 86% revenue growth in Q1 YoY

This article has been brought to you by our spend management editorial team.
AuthorPayhawk Editorial Team
Read time
5 min
PublishedJun 6, 2024
Last updateJun 6, 2024
Image with two employees approving expense, which illustrates how the workflow designer works.
Quick summary

The spend management platform Payhawk announces its Q1 global results and the launch of its summer release, focused on simplifying business spend customization.

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  • The fintech unicorn's customization strategy for managing global business spending is paying dividends
  • ARR revenue grew 86% Q1 YoY and net revenue retention stands at 141%
  • Payhawk’s new Summer Edition product release includes a range of new tools to make customization of business spending processes easier

London, UK, 6th June 2024 – Payhawk, the global spend management solution that helps businesses manage company cards and payments at scale across 32 countries, today announced its Q1 2024 business performance results and the launch of its Summer Edition product release that brings flexibility to the way companies manage spend. Q1 saw revenue growth of 86% YoY, largely driven by the fintech’s focus on customization to meet the complex and increasingly global challenges of finance teams at major enterprises.

Payhawk Q1 in numbers

By employing customization strategies and building technologies more attuned to solving the problems of larger enterprise businesses, both Payhawk’s global and UK Q1 results saw growth across all business lines:

  • Revenue: As of March 2024, Payhawk’s Q1 revenue growth was 86% globally YoY. The UK saw a jump of 127% in Q1 YoY and now makes up 27% of the fintech's total revenue. Payhawk’s ARR Q1 YoY growth was 85% globally. Its Q1 YoY ARR growth was 122% in the UK.
  • Customers: Total number of customers grew 58% YoY with 79% YoY growth in the UK. Net revenue retention from new customers in 2023 was 141% worldwide and in the UK it was 140%.
  • Headcount: Total headcount has grown 29% YoY to 305 with planned growth of 31% YoY by the end of 2024.

The complexity problem and the customization solution

The top three spend management challenges faced by large companies (5,000-25,000+ employees) is complexity created by reconciliation, ineffective software and human error. This creates clear challenges for C-Suite and financial leaders for the financial management at global enterprises. Moreover, different payment norms, currencies and systems exist in different jurisdictions as well as different accounting and reporting requirements. Enterprises also need to control company-wide spending, requiring complex spend approval policies taking into account different departments, management layers, country-specific policies and so on.

Payhawk’s new Summer Edition product release addresses these issues by allowing finance teams to easily manage this complexity. It allows them to customize the platform to the needs and nuances of all global entities with an all-in-one solution providing global spending visibility. Newly added features include an advanced workflow designer with a simple UX that can easily create complex spend approval workflows, and an accounting template builder that makes it easy to export any accounting data.

Highlights include:

  • Workflow Designer – Approval workflows are at the centre of spend management and provide businesses with visibility and control of company spending. The Workflow Designer uses no-code technology and can increase control and efficiency with fully automated and customizable approval steps.
  • American Express Integration [US only] –Payhawk has teamed up with American Express to offer U.S. Business and Corporate Card Members the ability to issue virtual cards with built-in spend controls and manage business spend globally – all while earning the rewards of their eligible American Express Card when making virtual Card payments.
  • Accounting Template Builder — With so many ERPs and accounting systems available, Payhawk can cater to those that support CSV or Excel format imports with its Accounting Templates and the new Builder. Customers can customize export templates to every last detail to meet their needs. Any accounting template can be built and edited within the Payhawk platform with the help of conditional rules, functions, and formatting options.

said Hristo Borisov, CEO and Co-Founder at Payhawk.

concluded Borisov.

This article has been brought to you by our spend management editorial team.
Payhawk Editorial Team
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The Payhawk Editorial Team consists seasoned finance professionals boasting years of experience in spend management, digital transformation, and the finance profession. We're dedicated to delivering insightful content to empower your financial journey.

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