Payhawk, which offers paperless corporate cards, has raised €3m in seed financing led by Earlybird’s Digital East Fund.
Earlybird was joined by Berlin-based TinyVC as well as industry experts including former Visa Europe chief commercial officer Mark Antipof and Sage chief strategy officer Keith Robinson.
With the fresh capital, Payhawk plans to strengthen its reach in Germany.
Earlybird co-founder and partner Roland Manger said: “Payhawk decided to combine the best of what exists today and integrate it into a next-generation platform with a great customer experience without forcing businesses to switch banks.”
Payhawk has offices in Sofia, London, and Berlin. Its expansion to Germany is aimed at capitalising on the country’s financial infrastructure that facilitates connections to banks leveraging PSD2.
Moreover, the country’s laws support the storage of paper receipts in digital archives in a tax-compliant way.
The company’s platform allows businesses to handle various aspects of spending such as loading funds into the cards, invoice payment and collection, reconciling transactions in the company accounting software, and generating reports.
Payhawk CEO Hristo Borisov said: “Many employees are forced to spend personal funds, manually track expenses with the legacy expense apps, write cumbersome reports and wait months to get reimbursed.
“Our payment solution addresses exactly this pain point and supports businesses in their transition to a new, paperless and digital age without being forced to switch banks.”