Following the expansion, the company is set to hire a team of finance professionals in order to accelerate its product development and its overall growth in the local market. The future employees need to meet a certain list of requirements in order to be hired, such as having a background in finance, risk assessment, in addition to payment operations.
The firm designed its solutions to simplify the process of business payments, as well as combining company cards, accounts payable, reimbursable expenses, and accounting software integrations into one product.
Following the opening of its office in Vilnius, Payhawk will further focus on its extension in multiple businesses and areas in the Baltics.
The expansion to Lithuania follows the Electronic Money Institution (EMI) license that the company received from the Bank of Lithuania. The license was aimed to accelerate the development and the design of new features and benefits on the Payhawk platform, in order to meet the needs, preferences, and demands of customers, as well as to be compliant with the laws and requirements of the local industry.
According to the press release, the license was set to give Payhawk the opportunity to launch new products in the following year, for clients to be enabled to manage their payments more efficiently and securely. Furthermore, the company planned on offering more types of spending in multiple new global currencies as well.
In June 2022, Payhawl announced the second iteration of its Enterprise Suite. The upgraded version included new benefits, such as subscription tracking, Oracle NetSuite API integration, a multilingual portal, automatic supplier IBAN checks, as well as mileage tracking and reimbursements.
The Enterprise Suite was designed to streamline the function of finance teams and to improve the manner in which staff made payments, in order to meet the needs and preferences of customers and to enhance their overall experience. Employees were given the possibility to automatically reimburse for approved spending and mileage, in addition to eliminating long reimbursement processes that used to take weeks to settle.
Earlier in October, Payhawl launched business credit cards with a built-in suite of spending policies in order to provide UK firms and enterprises with an alternative between credit cards and debit cards.
Customers were given the opportunity to choose between smart VISA credit cards and debit cards. The new product offered businesses that looked for a card or a broader spend management service more options to optimise their cash flow and overall balance.
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