Payhawk reports 114% YoY jump in revenue and gross profitability of 77%

This article first appeared as a Press release.

The news

• Payhawk is now operating its UK and EU EMI licenses and collaborates with leading institutions such as J.P. Morgan Payments, Clearbank, and SWIFT
• Group expansion continues with new C-Suite appointments and the announcement of a new office in Munich

Payhawk, the global spend management solution that empowers businesses to manage and control company spending at scale across 32 countries, has reported 114% year-over-year (YoY) consolidated revenue growth for the year ending 2023 including new industry-leading customers such as Gaucho, Myenergi, and PensionBee.

Following the strong growth and increased demand, the company continues to strengthen its financial infrastructure on the back of newly granted licenses in the UK and EU by partnering with financial giants such as Clearbank, selecting J.P. Morgan Payments for payment services, adding SWIFT membership, and strengthening its C-Suite team for a next stage of growth.

Growing gross profits

In addition to revenue growth Payhawk reported an increase in group gross profits from 71% to 77%, driven by key strategic moves that strengthened its financial infrastructure and expanded its customer offerings.

In October 2024, Payhawk started operating its UK EMI licence, allowing it to onboard UK customers directly rather than relying on third parties. It also commenced operating its EU EMI licence earlier in the year. This move provides Payhawk greater control over its payments infrastructure and will further increase gross profit margins by up to 10%, moving it towards the level of leading software companies.

For customers, this translates to faster onboarding, quicker payment processing, and the accelerated release of new features, including fraud prevention enhancements. Since obtaining the EMI licence, Payhawk has launched innovations like Visa credit cards in 32 countries, real-time budget tracking and integrations with 50+ human resources systems such as Bamboo, HiBob, and Workday, underscoring its commitment to delivering cutting-edge financial solutions.

Partnership growth

To maximize the benefits of its EMI license, Payhawk has established relationships with key players in the financial sector. Collaborations with Clearbank provide access to its own sort code, IBANs, and UK schemes like FPS and CHAPS. Additionally, SWIFT membership and services from J.P. Morgan Payments enhance Payhawk's global payment services for enterprise clients.

Payhawk also partnered with Marqeta as a processor, improving its advanced card controls to combat fraud. Available in over 32 countries, Payhawk’s Visa debit and credit cards offer both security and convenience in corporate expense management.

Strong business momentum

Internally, Payhawk continues to strengthen its C-Suite team, with the addition of Aya Elsority as Chief People Officer (formerly EVP People and Culture at Mambu) and the internal promotion of Jack Cummings from SVP Global Marketing to Chief Marketing Officer.

The company also announces the opening of its ninth office in Munich, adding to its global presence in Amsterdam, Barcelona, Berlin, London, New York, Paris, Sofia, and Vilnius.

Hristo Borisov, CEO and co-founder at Payhawk, says:

We continue to see success with our strategy to provide the best spend management solution for midsize and enterprise businesses. Through our strategic partnerships, innovative features, and focus on customer needs, we do not just want to keep pace with the industry — we want to drive it forward. As we scale, our commitment remains to empower businesses with smarter, more secure financial solutions that enhance efficiency and unlock growth across global markets.

Pedro Batista, VP of Payments & Operations, adds:

With full control of our payments infrastructure, we maximise velocity and efficiency. With our UK EMI licence, we are accelerating onboarding, client conversion, key feature delivery and fraud mitigation.

Find out more about Payhawk's latest time-saving, visibility-boosting innovations by visiting the All editions page.

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