Payhawk, the Bulgaria-headquartered AI-powered spend management platform, is reportedly in early discussions to raise more than $100 million in fresh funding. If finalised, the new round could double the company’s valuation to nearly $2 billion, marking a significant milestone for one of Europe’s fastest-growing fintech companies. While talks remain at a preliminary stage, the potential scale of the raise reflects strong investor confidence in Payhawk’s trajectory and expanding global footprint.
Founded in 2018 by Hristo Borisov, Boyko Karadzhov, and later joined by Konstantin Dzhengozov, Payhawk has rapidly evolved from a Sofia startup into a global platform used by multinational companies across industries. The company provides an all-in-one system that unifies expense management, corporate cards, invoice processing, payments, and real-time spend controls. Its platform integrates directly with major accounting and ERP systems, enabling finance teams to streamline operations and eliminate manual work.
Europe’s First Bulgarian Unicorn Readies for Next Leap
Payhawk earned international recognition in 2022 when it raised $100 million in Series B funding, becoming Bulgaria’s first technology unicorn with a valuation of $1 billion. Existing investors such as Lightspeed Venture Partners and Greenoaks Capital have backed the company’s ability to scale across highly regulated markets, especially within Europe.
The upcoming round, if sealed, is expected to support Payhawk’s plans for accelerated European expansion, deeper integration into enterprise environments, and continued investment in AI-driven financial automation. The company already operates in more than 30 countries and supports a wide variety of currencies, payment schemes, and regional compliance requirements—a key factor behind its strong uptake among mid-sized and large multinational businesses.
AI Agents Transforming Finance Workflows
A major driver of Payhawk’s rising market appeal is its recent introduction of four AI agents that automate core finance functions. These agents operate beyond basic query handling and are capable of independently executing tasks such as booking employee travel, processing invoices, managing procurement workflows, and routing payments for approval.
According to the company, these AI agents can help finance teams complete workflows up to 60% faster, while also cutting internal support queries by around 40%. This shift reflects Payhawk’s strategic move toward embedding “agentic AI” directly into day-to-day finance operations—a differentiator that positions it ahead of many traditional spend management tools.
Payhawk’s AI layer also includes features such as automated coding, real-time spend analysis, policy enforcement, and receipt data extraction, enabling finance leaders to maintain control without burdening teams with repetitive work. For CFOs managing large, cross-border operations, such capabilities can significantly streamline month-end close and reduce compliance risk.
Navigating a Crowded Competitive Landscape
The spend management sector has become one of Europe’s most competitive fintech categories. Regional players such as Pleo and Spendesk have built strong brands, while deep-pocketed US rivals continue to set a high bar. Notably, Brex—backed by more than a billion dollars in capital—has recently expanded into Europe, intensifying competitive pressure.
In this environment, European platforms seeking long-term success must demonstrate both product depth and scale efficiency. Payhawk’s ability to continue winning enterprise customers suggests that its positioning — focused on automation, compliance, and multi-entity management — is resonating with finance teams that face increasingly complex operational demands.
Fintech Funding Remains Resilient
If Payhawk finalises its new funding round, it would reinforce a broader trend: despite macroeconomic caution and the rise of AI-first startups, fintech remains one of Europe’s most resilient investment categories. Mature companies that solve recurring financial friction — particularly those serving enterprise clients — continue to attract meaningful valuation step-ups.
For Payhawk, a successful raise would not only mark a new valuation milestone but also underline its growing influence in reshaping how modern finance teams operate. As the company pushes deeper into AI-powered automation and international expansion, the upcoming round could set the stage for its next phase of global growth.