Payhawk, a Bulgaria-headquartered AI-powered spend management platform for businesses, is reportedly in talks to raise over $100 million in a new funding round. It is believed that this round could double its valuation to close to $2 billion. The talks are at an early stage and the financing and valuation figures could change.
Back in 2022, Payhawk landed $100 million in Series B funding at a valuation of $1 billion. This move made it the first-ever Bulgarian firm to attain the unicorn status.
The fresh injection of capital would likely fuel further European expansion, product development, and deeper enterprise integrations.
Payhawk’s existing investors, including Lightspeed Venture Partners and Greenoaks Capital, have previously bet on its ability to scale across markets with complex regulatory needs.
AI helps businesses manage expenses
Payhawk was founded in 2018 by Hristo Borisov and Boyko Karadzhov and later joined by Konstantin Dzhengozov. It is a financial platform that combines expense management, payments, and invoice management in one solution.
The company has been the go-to platform for large SMEs and enterprise customers, especially those with a multinational footprint. The company serves businesses in several countries across a variety of industries, currencies, and payment methods.
Its platform brings together company cards, expense tracking, invoice processing, and supplier payments into a single system, designed to sync cleanly with enterprise accounting and ERP tools.
Rather than focusing on small teams alone, Payhawk has aimed squarely at mid-sized and large organisations operating across borders. That positioning has helped it win customers such as Dott and Gaucho, companies that need tighter control over spending without slowing down daily operations. The result is a product that leans less on flashy perks and more on automation, visibility, and compliance.
How does it it benefit businesses
Payhawk has unveiled four AI agents that automate core finance operations, helping enterprises move through workflows up to 60% faster while cutting helpdesk queries by 40%.
Built around an agentic AI model, the agents go beyond answering questions to independently execute tasks such as booking travel, processing payments, and managing procurement. The move reflects Payhawk’s broader push to embed automation directly into finance teams’ daily operations, setting a new efficiency benchmark for CFOs managing complex, high-volume corporate spending.
A crowded market with rising stakes
The spend management category has become one of Europe’s most competitive fintech battlegrounds. Homegrown unicorns like Pleo and Spendesk have already proven there is real demand for modern finance tools. But the pressure is no longer just regional.
US heavyweight Brex, armed with more than $1 billion in funding and a newly secured EU licence, is now pushing aggressively into Europe. This raises the bar for scale, product depth, and capital efficiency. Any European player hoping to compete long-term needs both strong fundamentals and serious backing, something Payhawk appears to be lining up.
European fintech funding seems not to stop
If the round goes through, it would underline a broader trend wherein fintech remains one of Europe’s most resilient tech sectors. Even as AI startups dominate headlines and capital flows, mature fintech companies are still seeing meaningful valuation step-ups.
In a funding climate where caution is common, Payhawk’s momentum suggests that well-executed fintech platforms, especially those solving everyday financial friction, still have room to growth.
