Bulgarian-founded spend management platform Payhawk has opened offices in Stockholm and Warsaw as part of its European expansion, the company said on September 30.
The Stockholm office will serve as the headquarters of a new Nordic region covering Sweden, Denmark, Finland, Norway and Iceland, while Poland has been established as a standalone commercial region with a dedicated team.
The Polish expansion follows nearly 30% growth in demand from local businesses using Payhawk over the past year, despite the company having no local sales presence. It is recruiting its first go-to-market team in Warsaw.
Payhawk plans to introduce Swedish krona accounts and cards and Swedish IBANs in the fourth quarter, alongside Peppol e-invoicing and integrations with enterprise software including SAP, NetSuite and Microsoft Dynamics 365.
In Poland, Payhawk said it receives invoices through the country’s KSeF national e-invoicing system directly into accounts payable, where they can be matched with expenses or purchase orders and coded for accounting systems.
Nearly 7,000 businesses in more than 33 countries use Payhawk, with more than €5bn in annual spending processed through its platform, the company said. It surpassed $100mn in annual recurring revenue earlier this year.
Payhawk, founded in Bulgaria in 2018, provides corporate cards, expense management, accounts payable, travel and procurement services, including artificial intelligence tools for automating finance processes.
The company said the Stockholm office is its 11th location globally. It serves customers in Sweden and Poland under its EU electronic money institution licence.