Automated expenses fintech Payhawk has closed a $112 million Series B round, valuing the company at $570 million, according to an announcement. Greenoaks led the round whilst existing investors QED Investors, Earlybird Digital East and Eleven Ventures participated.
The news comes with competition among expense management startups in Europe heating up. Spendesk, Soldo and Revolut Business are some of the main players. Last month, Switzerland’s Yokoy raised $26 million from Left Lane. The US market is ruled by the likes of Ramp and Brex.
These platforms aggregate employee expenses into one platform for businesses and often provide automated data entry tools.
“We think that painful expense reports and bill payments should be a thing of the past and we are excited to partner with Payhawk on the way to getting there,” says Greenoaks partner Patrick Backhouse.
Payhawk’s raise comes only six months after its Series A in April. Since then, the company has exhibited a 663% increase in transaction volume, according to its announcement.
While its customer base is currently concentrated in Europe, the company reportedly plans to use the new funds to expand into new territories. It is due to open offices in the US, the Netherlands, Australia and Singapore.