Payhawk becomes a unicorn as it extends its Series B

I covered the Series B round of Payhawk back in November. Kate Clark of The Information reported that the startup had a post-money valuation of $1 billion.

Lightspeed Venture Partners is leading the investment. The round is being participated in by a number of companies, including: Sprints Capital, Endeavor Catalyst, HubSpot Ventures, and Jigsaw VC. Existing investors are putting more money on the table.

The company raised $112 million in the first part of its Series B. In three months, the news represents a 75% increase in valuation.

Payhawk has a product similar to Brex in the US, but for the European market. It competes with other businesses. The company wants to unify the B2B payment stack with a single platform.

Payhawk can be used to centralize your payments in a modern interface. When you open a Payhawk account, you get a dedicated IBAN and can transfer money from your existing bank account.

You can use Payhawk cards, track payments more efficiently and use Payhawk's software stack for all your expenses after that.

Virtual and physical Payhawk cards can be used by employees to spend money. You can set up rules, budgets and an approval process with the startup. Payhawk customers receive 3% cash back on card payments with a cap.

It is not possible to pay with a card. Cash payments can also be entered by employees. You can pay bills with outgoing bank transfers from your Payhawk account.

There are integrations with accounting systems. It could be useful to reconcile payments and collect invoices from Payhawk.

The startup operates in 30 countries. The company's recurring revenue has doubled every quarter for the past few quarters.

Payhawk will launch new features, such as subscription management and budgets. In addition to London, it has offices in Berlin and Barcelona. The company plans to open offices in Amsterdam, Paris and New York. Payhawk is the first ever unicorn from Bulgaria.