Global spend management solution Payhawk has reported 114% growth in consolidated revenue last year attributing this increase to several key partnerships and new clients.
For the financial year ending in 2023, Payhawk increased group gross profits from 71% to 77% via key strategic moves that has enabled the company to strengthen its financial infrastructure and expand its customer offerings.
Payhawk has now expanded its operations to 32 countries, backed by its Open Banking partnership with Yapily in August 2023, along with several other new partnerships that has enabled it to scale its operations globally.
One notable collaboration saw the spend management solution partner with European clearbanking platform ClearBank to provide series such as IBANs, FPS and CHAPS systems with greater use to its clients.
Additionally, the SWIFT membership and J.P. Morgan Payments partnerships enhance Payhawk’s global payment services for enterprise clients, along with Marqeta as a processor, improving its advanced card controls to combat fraud.
Commenting on the company’s significant revenue growth, Payhawk CEO Hristo Borisov believes that this will help the company springboard into helping drive the industry forward.
He said: “We continue to see success with our strategy to provide the best spend management solution for midsize and enterprise businesses. Through our strategic partnerships, innovative features, and focus on customer needs, we do not just want to keep pace with the industry—we want to drive it forward.
“As we scale, our commitment remains to empower businesses with smarter, more secure financial solutions that enhance efficiency and unlock growth across global markets.”
Last October, Payhawk started operating as a UK Electronic Money Institution (EMI) licence holder, allowing it to onboard UK customers directly rather than relying on third parties. It also commenced operating its EU EMI licence earlier in this year.
The EMI licensing provides Payhawk greater control over its payments infrastructure and to further increase gross profit margins by up to 10%, moving it towards the level of leading software companies, according to the company.
Furthermore, these regulatory licences have helped Payhawk launch Visa credit cards in the 32 countries it is active in, as well as real-time budget tracking with more than 50 human resources systems, such as Bamboo, HiBob and Workday.
The launch of Payhawk’s ‘Fall Edition’ for the remainder of 2024 will also complement its growing card distribution efforts and will look to empower finance teams by building a spending culture that helps drive accountability and informed decision making.
Internally for Payhawk, the company has overseen the growth of its C-Suite team. The hires of Aya Elsority as Chief People Officer, and promotion of Jack Cummings as Chief Marketing Officer has enabled the company to expand its team and grow its headcount.
The company also announces the opening of its ninth office in Munich, adding to its global presence in Amsterdam, Barcelona, Berlin, London, New York, Paris, Sofia, and Vilnius.
Pedro Batista, VP of Payments & Operations added: “With full control of our payments infrastructure, we maximise velocity and efficiency. With our UK EMI licence, we are accelerating onboarding, client conversion, key feature delivery and fraud mitigation.”
