Klarna backer pumps $20M in London fintech Payhawk

London-based Payhawk, a fintech platform that unifies all company payments and expense management secured $20 million in a Series A funding round. This investment comes 12 months after completing its seed round.

The funding round was led by US-based fund QED Investors, which has a good track record of investing in 18 fintech unicorns including Klarna and Nubank. Also, existing investor Earlybird Digital East, which led $3.6 million seed funding in Payhawk in March last year participated in the round. Besides them, Yusuf Ozdalga will join the company’s board along with existing investors Mehmed Atici from Earlybird Digital East and Vassil Terziev from Eleven Ventures.

The funds will let Payhawk expand its product offering further and grow its team. The company will expand coverage for businesses outside the EU and UK, add new payment products including credit cards, and support additional currencies with industry-leading FX rates. Also, the fintech will also work to streamline the cash flow from existing bank accounts to Payhawk to provide unlimited spending capabilities for finance teams.

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