The spend management platform Payhawk announces its Q1 global results and the launch of its summer release, focused on simplifying business spend customization.
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.
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:
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:
“Today, due to the fragmented nature of payments across countries and currencies, larger businesses are forced to choose between local solutions that are too simplistic, and complex global solutions that compromise the user experience,”
said Hristo Borisov, CEO and Co-Founder at Payhawk.
“Payhawk is able to address this complexity with local payment rails, advanced features and accounting integrations built for finance professionals, but simple and easy to use by all employees.
Our strong YoY growth across all business lines is a testament to our customization strategy that helps larger businesses solve financial complexity that is increasingly global in nature,”
concluded Borisov.
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.