Payhawk

Assessment

Payhawk is used by mid-market and enterprise finance teams across Europe and North America that run several legal entities and want one place for company cards, employee expenses, supplier bills, purchase orders, and business travel. It lets a company issue Payhawk Visa cards or link the Visa, Mastercard, and American Express cards it already holds, so spend is captured and coded in real time. Prices are posted as starting points: Cards and Expenses from $449 a month, Accounts Payable from $349, Procurement from $499, and Travel from $299, with a bundled Payhawk Complete plan on request. Its main competitors are Spendesk, Pleo, Moss, and Soldo.

The company was founded in 2018 by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengozov, who met at Telerik. It became the first Bulgarian unicorn in March 2022 and says it passed $100M in annual recurring revenue in July 2026, with payments volume up 95% on the year and about $120M of net cash burned since founding. It lists more than 6,000 customers and connects to more than 40 ERP, accounting, and HR systems. A set of AI agents handles receipt chasing, approval routing, and procurement intake.

It fits a group with several entities that wants spend control in one platform and is happy to start from a posted price. It is a weaker fit for a very small team that needs a free tier, or for a company that wants one bank account, cards, and payroll from a single bank.

Rating by criterion

We score each of the eight criteria out of 100.

Sector criteria

Vendor criteria

Against its peers

These are the other companies in business banking and treasury, with their ratings.

User comments

These buyer-oriented points draw on Payhawk’s pricing and product pages and on its announcement of passing $100M in annual recurring revenue.

• Upside

  “Linking the cards we already had meant finance saw spend in real time without us changing banks.”

• Upside

  “Receipts chase themselves now, so the month-end close stopped depending on reminders from the finance team.”

• Downside

  “Each module has its own starting price, so the total for cards, bills, procurement, and travel took a quote to pin down.”

Where customer reviews couldn't be found, our analysts attempted to give a voice to buyer sentiment, drawing on real information from review sites, forums and product documentation. We omit sites where vendors pay to be featured or pay for a review, plus any review the site flags as incentivized.

Based on: Payhawk pricing; Payhawk about page; Payhawk $100M ARR announcement.

Fact file

Competitive landscape

Spend management platforms a European finance team would compare with Payhawk.

• Payhawk81
• Soldo82
• Pleo79
• Moss77
• Pliant75
• Spendesk74
• Procurify73

Comparisons

• Payhawk vs Spendesk: Features, Coverage and Pricing Compared (2026)
• Payhawk vs Pleo: Features, Coverage and Pricing Compared (2026)
• Payhawk vs Procurify: Features, Coverage and Pricing Compared (2026)

Key leadership

• Hristo Borisov

Hristo Borisov co-founded Payhawk in 2018 and is chief executive. He spent more than eleven years at Telerik before starting the company.

How this review was created

This profile gives our own assessment of Payhawk to companies selecting a Business banking & treasury provider. The Fintech Index receives nothing for featuring a firm, for sponsorship, or for advertising, and Payhawk gave us no payment for the profile.

The rating equals the average of eight criteria, with every criterion running from 0 to 100. Four address buyer needs in this sector, and four address the company together with its commercial terms.

Ratings are our editorial judgment, made from public information: pricing and legal pages, product documentation, compliance disclosures, public reviews and filings. Fact-checking took place on November 11, 2026.