Spend management fintech Payhawk opens New York office and launches US credit card
Payhawk, the spend management solution with a presence across the UK and Europe, officially launches in the US today. The unicorn has opened an office in New York and is introducing a US credit card to support companies with multiple offices across the UK, Europe, and the US. The US launch is a key part of Payhawk’s expansion strategy, following a record year of growth that has seen its revenue grow 524%, and its employee headcount grow 250%, year to date.
The transatlantic expansion means that not only is Payhawk’s spend management solution now available to US customers, but by offering a mix of credit cards and debit cards, it becomes the first and only business in the space to offer the most prominent card types in each market. This enables finance teams to use a single spend management solution across different continents. With more than 2.6m businesses with over 100 employees across the UK, Europe, and the US, Payhawk is well positioned to serve these with overlapping operations between the two continents.
Alongside its unique global footprint, Payhawk differentiates itself through its strong enterprise focus. It offers market-leading native integrations with multiple enterprise ERP systems for real-time reconciliation, spending policy features to help finance leaders implement governance and control at scale, and the ability to manage multiple international entities in a single platform. To date, Payhawk already serves scaleups and enterprises in 32 countries.
With the launch of its first credit product in the US, Payhawk’s product offering is closely aligned with corporate purchasing habits in each region. The US VISA credit card enjoys high global acceptance, credit limits up to $250,000 USD and customizable spend policies.
Starting today, customers have the ability to enrol onto a waiting list for up to a 1.5% cashback* offering, with the first customers going live in October. To further demonstrate its commitment to the US SaaS market, Payhawk is also sponsoring SaaStr Annual in Silicon Valley.
Hristo Borisov, Co-Founder and CEO, Payhawk, said, “Our goal is to focus on providing the best solution on the market for global scaleups and enterprises. Naturally, these businesses have an international presence, and we want to cater for that. Today, more than 10% of our customer base is already on a waiting list for our US credit card.
A significant proportion of scaling companies in Europe have US operations, and before today, they were forced to use multiple credit card issuers, making the controlling and reconciliation process for finance teams a nightmare. The same is true for US companies with European operations where the number of currencies and payment systems can be daunting.
Our expansion to the US is yet another exciting step on our journey to better support our international client base, and simplify the tech stack of global finance teams.”
* Up to 1.5% cashback on card payments capped at your subscription.