QED Investors invest USD 20 million in Payhawk

Payhawk acts as a one-stop-shop, combining tools for payments, invoices and expense management, and closing the gap between banks and ERP (Enterprise Resource Planning) systems. The company aims to help finance teams reduce manual work and keep control of budgets in real-time. This solution can serve businesses in 30 countries. The Series A round is led by the US-based fund QED Investors, which has invested in 18 fintechs, including Klarna and Nubank. Investor Earlybird Digital East, who led the USD 3.6 million seed round in March 2020, is also investing.

Payhawk’s customer base consists of multinational companies including LuxAir, Lotto24, Viking Life, ATU, Gtmhub, Flink, MacPaw and By Miles. This investment round will allow Payhawk to expand its product offering and expand coverage for businesses outside the EU and UK. The company plans to add new payment products including credit cards, and support additional currencies with FX rates. According to a Payhawk representative, the company plans to expand their integrations to existing ERP systems. Cash flow should be streamlined from existing bank accounts to Payhawk and the company will accelerate its use of AI and machine learning to introduce smart workflows.