Wirecard, the global innovation leader for digital financial technology, is collaborating with Bulgarian Fintech Payhawk to launch a new Visa corporate card to provide companies with an easy solution to manage corporate expenses. Payhawk will benefit from Wirecard’s tailor-made corporate expense card solution including end-to-end card infrastructure as well as Wirecard’s expertise in the payment industry.
Founded in 2018, Payhawk offers an all-in-one corporate expense and spend management service for small and medium sized companies, including the new corporate card, which is issued by Wirecard. Payments, invoices, expenses, and card issues are automated and digitized. The Fintech provides a mobile app and web interface to give their corporate clients a comprehensive dashboard for complete control and transparency over employees’ spending, travel expenses or other transactions.
In 2019 Payhawk won the Start-Up Challenge at the Paris Fintech Forum, where they received a package of benefits, including implementation support and consulting services from Wirecard and Visa. This latest collaboration is a sign of Wirecard’s continued support for this young start-up, who also recently secured a seed financing of EUR 3 million in March, led by the renowned VC Earlybird. “Wirecard began as a start-up 20 years ago. Even as a DAX company, we still have that start-up culture in our DNA, and are always looking to foster other young and exciting companies. Payhawk is one such start-up, innovative with a solid business plan and we are delighted to be supporting such a promising Fintech on their path to success,” said Leonard Coen, Head of Sales and Project Management, Financial Institutions, at Wirecard.
The cooperation between Wirecard, Visa and Payhawk will enable the Bulgarian start-up to address new target groups in Europe with a particular focus on small and medium-sized enterprises who currently lack digital solutions for expense management and need to address the complexities of managing company cards. “The constant feedback we got from finance leaders in SMEs is how much time they waste reconciling card statements, tracking expenses, handling paper, manually entering data and trying to enforce spend policies and budgets on cards. Together with Wirecard and Visa, we are happy to provide an efficient and compliant solution to manage company spend end-to-end and enforce spend policies and budgets directly on cards,” added Hristo Borisov, Co-founder and CEO of Payhawk.
Wirecard’s solution and end-to-end card infrastructure also includes an e-money license, issuing license, fraud and risk management, issuing processing, and card management platform. Each card, which will be available in both virtual and physical form, can be individually controlled by assigning monthly budgets, spend limits or by being part of a more complex request and approval workflow. Managers can monitor budgets in real time and have full transparency over all company cards in use, all the time. Payhawk Visa Business Cards are available in 13 European countries, including the United Kingdom, Germany, Spain and Bulgaria. Payhawk’s integrated payment account can be combined with any existing bank giving an efficient and flexible platform for finance teams to manage company spend.