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Payhawk raises BGN 1 mln and makes quick moves in SME's expense management market

In a series of blog posts under the theme “Movers and Shakers” we will be sharing the amazing stories and milestones of our members. Read on to find out more about the companies that are transforming industries through constant innovation.

Fintech company Payhawk, based at Campus X, launched a new product that helps small businesses across Europe in expense management. In a recent round of financing, backed by Eleven Ventures and 8 industry experts, they raised BGN 1 million.

Hristo Borisov, Co-founder and CEO of Payhawk | Photo Credit: DigitalK
Hristo Borisov, Co-founder and CEO of Payhawk | Photo Credit: DigitalK

The company will use the new investment in 2019 to double its current team of 7 and expand its operation in Europe and the UK with a sales office recently opened in London. Payhawk’s product was born out of frustration by two long-time Telerik employees Hristo Borisov and Boyko Karadzhov who founded the company in July 2018.

“We constantly talk to managers in small businesses that are responsible for large budgets. But when traveling, they have to use their personal cards, and then fill out lengthy expense reports and wait for reimbursements. is a company card that collects and reads data from receipts and invoices in real-time so that employees don’t have to deal with expense reports. enables small businesses to issue both physical and virtual company cards without visiting a bank,” shared Hristo Borisov, Co-founder, and CEO of Payhawk.


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