Payhawk
London spend management platform founded in Bulgaria, combining cards, expenses, accounts payable and procurement for mid-sized companies; passed $100m in recurring revenue in 2026 and is raising at a reported $2bn valuation.
| Founded | 2018, Sofia; headquartered in London |
|---|---|
| Founders | Hristo Borisov (CEO), Konstantin Dzhengozov, Boyko Karadzhov |
| Ownership | Private; about US$240m raised from Lightspeed, Greenoaks, QED, Sprints and Earlybird; unicorn since 2022; in talks in January 2026 to raise US$100m-plus at about US$2bn |
| Revenue | Passed US$100m in annual recurring revenue in July 2026 |
| Customers | Mid-market companies across the UK, Europe and the US |
| What it does | Corporate cards, expense management, accounts payable, procurement and multi-entity controls, with AI agents for approvals and reconciliation, integrated with NetSuite, Business Central, Xero and DATEV |
| Recent moves | AI agents across finance workflows; US expansion; $100m ARR milestone |
| Pricing | Not published; priced per company by modules |
| Markets | UK, Europe, US |
| Peers | Pleo, Moss, Spendesk, Ramp, Soldo |
Why it matters
Payhawk crossed $100 million in recurring revenue in 2026 and is raising at a valuation that would make it Europe’s most valuable spend platform, overtaking Pleo. Its mid-market and multi-entity focus puts it against Ramp and Brex rather than the small-business card companies.
Updated September 2026.
Part of Accountio’s accounting technology coverage.
