Spend management platform Payhawk has opened an office in New York marking its official launch in the US. It follows a year of growth for the fintech which has seen revenue grow by over 520 per cent and employee headcount boosted more than 250 per cent.
Payhawk has also introduced a US credit card to support companies with multiple offices across the UK, Europe and the US. It offers credit limits up to $250,000 and customisable spend policies. Customers can enrol onto a waiting list for with the first customers going live in October.
According to Hristo Borisov, co-founder and CEO, Payhawk, its goal is to focus on providing the best solution on the market for global scaleups and enterprises. Its market expansion means that the fintech can support the needs of fast-growing companies that scale internationally.
“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,” says Borisov.
“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.”
With more than 2.6 million businesses with over 100 employees across the UK, Europe, and the US, Payhawk believes it is well positioned to serve firms with overlapping operations between the two continents.
It offers 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 further demonstrate its commitment to the US SaaS market, Payhawk is also sponsoring SaaStr Annual, a three-day SaaS community event in Silicon Valley.