The spend management platform Payhawk, based in London has launched a new emergency Visa Credit Card for companies that have zero interest rates and 60-day payment terms. Businesses in the US and Britain can use the card.
Lightspeed Venture Partners, Sprints Capital, Endeavor Catalyst, and HubSpot Ventures are supporting the startup.
The business is backed by Jigsaw VC, Greenoaks, QED Partners, and Earlybird Digital East also.
Payhawk will prioritize urgent bank account or Visa credit card requests, according to the company’s statement.
As we have been monitoring the situation with Silicon Valley Bank since Thursday, we are now excited to provide this product to companies that require it. Our keen interest in the matter has led us to be proactive in delivering this solution to those who need it most. Since there is a real chance of a cash crunch at businesses on Monday, we wanted to make sure that we could assist those businesses given our strong position as a company in the space, says Hristo Borisov, co-founder, and CEO of Payhawk. We needed not to exploit the situation and contribute to the bank run on Thursday and Friday.
Around a year ago, the business raised $100M (roughly €89.16M) to increase its Series B round to $215M (roughly €191.69M) at a valuation of $1B.
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Payhawk, a fintech company, was established in 2018 by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengozov. It offers a single solution that combines expense management, payments, and invoice management.
The company offers a 3% cashback on credit card transactions, covering the entire subscription cost. As a result, clients can benefit from top-of-the-line software solutions without incurring any expenses. This offer is a game-changer in the industry and provides a unique advantage to customers.
The business currently provides business services to clients in 32 nations using a range of payment methods, currencies, and industries.
Payhawk’s diverse clientele includes household brands like LuxAir, ATU, Vinted, and Wagestream. Payhawk has offices in London, Berlin, Barcelona, Paris, Amsterdam, Vilnius, Sofia, and New York.
