TL;DR: Bulgaria’s Payhawk Plans $100M Funding Round to Double Unicorn Valuation
Payhawk, Bulgaria’s first unicorn specializing in simplifying business spend management, aims to raise $100 million to fuel European market expansion and refine its AI-driven solutions. This ambitious move is set to double its valuation to $2 billion. Founders focus on AI automation, enterprise integrations, and compliance to serve midsize and large businesses effectively.
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Bulgaria’s first unicorn, Payhawk, stands at the forefront of Europe’s fintech stage once again with its ambitious plan to secure $100 million in funding. At the heart of this initiative is the company’s drive to double its valuation to an estimated $2 billion. Founded in 2018, Payhawk has consistently redefined expense management for businesses with a laser-sharp focus on automation and seamless enterprise integrations. Now, with its sights set on European expansion and cutting-edge product development, Payhawk seems poised for another milestone.
What Is Payhawk And Why Does It Matter?
Payhawk is not your average fintech startup. The company was established by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengozov, and it operates as an AI-powered platform dedicated to simplifying spend management for businesses. Its unique proposition lies in offering services such as company cards, invoice processing, and supplier payment tools, wrapped in streamlined automation. The company became Bulgaria’s first unicorn in 2022, achieving a valuation of $1 billion thanks to a previous Series B round led by Lightspeed Venture Partners and Greenoaks Capital.
Unlike competitors like Denmark’s Pleo or America’s Brex, Payhawk targets midsize and large enterprises with a heavy emphasis on compliance, operations visibility, and multinational flexibility. Its clients include high-profile companies such as Dott and Gaucho, signaling trust in its innovation.
Why Is Payhawk Raising $100 Million in 2026?
The planned $100 million funding round aims to unlock key growth opportunities for Payhawk, including its expansion across untapped European markets and scaling its AI-based automation capabilities. Given the competition in the business spend management space, where rivals are increasingly fortifying their positions, this cash infusion is aimed at strengthening its foothold in the European market and refining its core technology stack.
This brings attention to its remarkable improvements in artificial intelligence solutions. In 2025 alone, Payhawk launched four AI agents designed to automate repetitive tasks such as travel booking, procurement management, and processing payments. Reporting reductions of up to 40% in helpdesk queries and a 60% increase in workflow efficiency, the company is positioning itself as a leader in corporate financial automation. These upgrades outline why Payhawk is worthy of doubling its valuation to $2 billion.
Such a move also sets the stage for rivaling bigger players like Spendesk and Brex, where deeper funding and larger enterprise integrations are the game changers. According to Tech Funding News, this round could be pivotal for the startup to hold its ground in the fierce competition among business spend management providers.
What Makes Payhawk Stand Out?
- Target Audience: Unlike some rivals focused on smaller SMEs, Payhawk zeroes in on midsize enterprises and growing businesses with >= 50 employees, where spend management becomes more complex.
- Innovation in Automation: Payhawk’s AI agents are not just about simplifying tasks, they proactively process, predict, and perform, redefining workplace financial norms.
- Enterprise Integrations: The platform integrates effortlessly with ERP systems, offering detailed compliance and financial insights.
- Pioneering in Eastern Europe: By not being physically based in western hubs like London or Berlin, Payhawk is challenging the notion that true innovation is regionally locked.
In my experience, balancing compliance with seamless user experience can be daunting. As the founder of CADChain, an award-winning deeptech venture focusing on IP compliance within CAD software, I’ve learned one key lesson: it is far better to make complex systems invisible to the user. Payhawk has achieved this effectively by embedding processes like multi-entity compliance into everyday financial tools.
As I often say, “The best technology is the one people barely notice but can’t live without.” Payhawk is inviting its clients to do exactly that, remove the pain of excessive manual workflows in managing their corporate finances.
Lessons for Entrepreneurs Eyeing Growth Like Payhawk
- Automate Early: Automation is a long game. If your processes are repetitive and ripe for automation, there’s no better time to adopt tools designed to streamline your operations.
- Choose the Right Markets: If your solution caters to underserved niches or complex needs (like enterprises with sizable expenses), capital keeps you competitive.
- Optimize Scalability Before Scaling: Before expanding into new markets, ensure your product’s core functionality scales well and delivers consistent performance.
- Surround Yourself with Expertise: From building your team to pitching investors, seasoned advisors are critical in accelerating ambitious expansion plans.
- Seek Smart Capital: Invest efforts into identifying strategic partners who understand your market. Payhawk’s partnerships with leading venture funds like Lightspeed Venture Partners have been an asset for scaling.
The road forward for startups like Payhawk isn’t easy, but it is inspiring. Growth is not simply about scaling fast; it’s about doing so sustainably, with strong product-market fit and robust operational foundations.
What Can Investors Learn From Payhawk’s Journey?
For investors, Payhawk’s trajectory is a reminder of the immense value that lies in startups capable of solving day-to-day business pain points at scale. The demand for effortless financial tools is universal, and solutions that enhance efficiency in an enterprise’s operations can bring exponential returns.
Moreover, companies that prioritize ready integrations with other enterprise solutions, like ERPs, tend to attract enterprise clientele. It’s no surprise major players like Lightspeed and Greenoaks have continuously expressed confidence in scaling Payhawk.
This brings up an important point for all founders and the investors supporting them: Does your solution solve the larger problem or only a small piece of it? A large fragmented market, just like expense management, is ripe for disruption via exceptional execution.
My advice here parallels my journey at CADChain. The challenge isn’t just building tools but embedding them into workflows seamlessly, so the user effort feels minimal despite significant technical complexity. Curious investors love automation and smart solutions.
What’s Next For Payhawk?
The $100 million round will undoubtedly alter the company’s trajectory over the next few years. By doubling down on enterprise integrations, upgrading AI-driven solutions, and ensuring financial compliance for large-scale operations, Payhawk is aligning itself as a frontrunner and Europe’s blueprint for startup success.
The bigger question isn’t just when Payhawk will hit its $2 billion valuation, it’s how far that runway will take it after that.
FAQ on Payhawk's Funding Plans and Unicorn Journey
What is Payhawk and why is it significant?
Payhawk is Bulgaria’s first unicorn fintech startup offering AI-powered spend management solutions to midsize and large enterprises. It simplifies expense tracking, invoice processing, and corporate payments. Explore Bulgaria's first unicorn journey with Payhawk.
Why is Payhawk aiming to raise $100 million in 2026?
Payhawk plans to raise $100 million to double its valuation to $2 billion. This funding will drive European market expansion, enhance AI-driven tools, and refine its enterprise integrations. Learn why 49 AI startups raised $100M each in 2025.
What makes Payhawk stand out from its competition?
Payhawk targets midsize enterprises with AI-powered automation, compliance flexibility, and ERP integrations. Unlike SMEs-focused competitors, it emphasizes operational efficiency at scale. Understand what differentiates unicorn startups.
Who are Payhawk’s notable investors?
Payhawk has secured investments from top firms like Lightspeed Venture Partners and Greenoaks Capital. This strategic backing has been crucial for scaling its solutions. Check out insights from Payhawk's main investors.
How has Payhawk leveraged AI innovation to gain market dominance?
In 2025, Payhawk introduced four AI agents to automate travel booking, procurement, and payments. They improved workflow efficiency by 60%, reducing manual tasks drastically. Learn how AI shaped Europe's startup unicorns in 2025.
What lessons can entrepreneurs learn from Payhawk’s scaling strategy?
Entrepreneurs should prioritize automation, scalability, and forming strategic alliances with credible investors to compete sustainably in saturated markets. Explore how unicorn startups built successful growth paths.
How does Payhawk contribute to the European startup ecosystem?
Payhawk has positioned itself as a leader in Eastern Europe, proving that innovation isn’t exclusive to traditional tech hubs like London or Berlin. Discover more about the European startup ecosystem.
What market trends have fueled Payhawk’s growth?
The adoption of AI automation, demand for compliance and expense management in large firms, and tailored enterprise solutions have driven Payhawk’s success in the fintech sector. Explore 2026’s trending startup strategies.
How did Payhawk achieve unicorn status in 2022?
Payhawk attained its $1 billion valuation in 2022 after a significant Series B raise. This milestone marked the emergence of a globally competitive unicorn from Bulgaria. Learn about 2025 unicorn success stories.
What’s next for Payhawk in 2026 and beyond?
With a $100M funding round and expanded AI capabilities, Payhawk aims to dominate Europe’s expense management sector and surpass its $2 billion valuation milestone. Discover proven paths to secure startup funding.
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the “gamepreneurship” methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the point of view of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
