Payhawk vs Spendesk: Features, Coverage and Pricing Compared (2026)
Updated November 11, 2026 · Reviewed by Benjamin Margolis
Payhawk and Spendesk both give finance teams company cards, receipt capture, and supplier invoice payments. Payhawk posts starting prices for each module and links to the cards a company already holds. Spendesk quotes a platform fee plus a fee per transaction and has no fee per active user.
Our analysts compared the two on November 11, 2026, using each company's own product, pricing, and company pages and our full reviews of Payhawk and Spendesk.
Choose Payhawk if
- you run several legal entities
- you want posted starting prices
- you want to link existing Visa, Mastercard, and American Express cards
Choose Spendesk if
- you want approvals before the spend happens
- you want no fee per active user
- your team is mid-sized and European
Payhawk scores 81 and Spendesk scores 74 in our ratings. Payhawk fits multi-entity teams that want module prices up front. Spendesk fits finance teams that want approval requests ahead of every purchase.
Key Features Compared
Payhawk vs Spendesk at a Glance, November 2026
| Feature |  Payhawk |  Spendesk |
|---|---|---|
| Ratings | ||
| Fintech Index score | 81 / 100Higher score | 74 / 100 |
| Overview | ||
| What it is | Spend-management platform that issues company cards, captures receipts, pays supplier invoices, and syncs spending to accounting | Spend-management platform that gives teams cards and requests, approves purchases, collects receipts, and pays supplier invoices |
| Who uses it | Mid-market and enterprise finance teams across Europe and North America that run several legal entities; more than 6,000 customers | More than 3,000 finance teams, most of them mid-sized European companies |
| Main products | Payhawk Visa cards or linked Visa, Mastercard, and American Express cards, expenses, accounts payable, procurement, travel, multi-currency accounts, and AI agents | Physical, virtual, single-use, and subscription cards, purchase requests and approvals, invoice management, expense claims, and procurement |
| Where it operates | Europe and North America | Europe |
| Products and features | ||
| Company cards | Physical and virtual Visa cards with limits | Virtual, physical, and single-use cards |
| Invoicing and bookkeeping | Receipts, invoices, and approvals synced to accounting | Invoice capture, receipts, and accounting sync |
| Deposit guarantee | Not a bank account | Not a bank account |
| Pricing | ||
| How pricing works | Starting prices per module: Cards and Expenses from $449 a month, Accounts Payable from $349, Procurement from $499, and Travel from $299; the bundled plan is quoted | Quote only: a fixed monthly platform fee plus a fee based on transactions, with add-ons priced in the quote |
| Published prices | Starting price for each module postedPrices posted | Prices are quoted by sales |
| Technology and compliance | ||
| Licenses and account protection | Accounts are not covered by deposit guarantee schemes | Licensed e-money institution in the EU; accounts are not covered by deposit guarantee schemes |
| Apps and API | API and custom exports | API and accounting exports |
| Integrations and partners | More than 40 ERP, accounting, and HR systems | Xero, QuickBooks, DATEV, NetSuite, more than 40 HR and ERP tools, and an open API |
| Onboarding and support | Customer success team and help center | Customer success team and a help center |
| Company | ||
| Founded | 2018 | 2016 |
| Headquarters | London, United Kingdom, with its largest team in Sofia, Bulgaria | Paris, France |
| Ownership | Private spend management software and card issuer | Private spend management software and e-money institution |
| Funding | Approximately $239M, including a Series B of ~$112M led by Greenoaks and a $100M extension led by Lightspeed Venture Partners in March 2022, with QED Investors, Earlybird, and Bek Ventures | Approximately $304M, including a Series C of ~$114M led by Tiger Global in January 2022 with General Atlantic, Eight Roads, and Index Ventures |
| Key leader | Hristo Borisov | Axel Demazy |
| Scale | More than $100M in annual recurring revenue (July 2026); approximately $239M raised | Annual recurring revenue over €50M in 2024; approximately $304M raised |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Payhawk scores 81 and Spendesk scores 74.
Criterion Scores Out of 100
Key Differences Between Payhawk and Spendesk
Pricing Model
Payhawk posts starting prices per module, from $349 a month for Accounts Payable to $499 for Procurement, and quotes the bundled plan. Spendesk quotes a fixed monthly platform fee plus a transaction fee, with no fee per active user.
Cards
Payhawk issues its own Visa cards and also links Visa, Mastercard, and American Express cards a company already holds. Spendesk issues physical, virtual, single-use, and subscription cards.
Scale
Payhawk passed $100M in annual recurring revenue in July 2026 and has raised approximately $239M. Spendesk passed €50M in annual recurring revenue in 2024, broke even in early 2025, and has raised approximately $304M.
Pros and Cons
Payhawk
Pros
- Cards, expenses, and invoice payments in one product
- More than 40 accounting and ERP connections
- Multi-currency accounts for European teams
- AI agents chase receipts and route approvals
Cons
- The bundled plan and larger programs are quoted by sales
- Module-based contracts add up when several modules are used
- Not a bank account
Spendesk
Pros
- Requests and approvals before the spend happens
- No fee per active user
- Cards, invoices, and expenses in one tool
- Breakeven since early 2025
Cons
- Prices are not posted
- Fixed platform fee plus per-transaction fee
- Not a bank account
Who Each Is Best For
Payhawk
Mid-market and enterprise finance teams with several legal entities that want cards, expenses, bills, and purchase orders in one platform
Spendesk
European finance teams that want requests, approvals, cards, and supplier invoices under one policy
Alternatives to Payhawk and Spendesk
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Payhawk and Spendesk.
Other Spend Management Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Pleo | 79 | European teams that want quick card setup at a posted price | Payhawk vs Pleo Pleo vs Spendesk |
| Procurify | 73 | Mid-market teams that want purchase approvals and bills in one system | Payhawk vs Procurify |
| Moss | 77 | European finance teams that want month-end automated | None yet |
| Mooncard | 75 | French businesses and public bodies that want cards and automated receipts | Mooncard vs Spendesk |
Frequently Asked Questions
Does Spendesk charge per user?
No. Spendesk has no fee per active user; it charges a fixed platform fee plus a fee on transactions.
How much does Payhawk cost?
Cards and Expenses starts at $449 a month, Accounts Payable at $349, Procurement at $499, and Travel at $299.
Does either replace a bank account?
No. Both are spend platforms, and neither is covered by a deposit guarantee scheme.
Sources
- The Fintech Index analysis of Payhawk and Spendesk, conducted November 2026 (As of November 11, 2026)
- Payhawk pricing: https://payhawk.com/pricing (As of November 11, 2026)
- Payhawk about page: https://payhawk.com/about (As of November 11, 2026)
- Payhawk $100M ARR announcement, July 2026: https://payhawk.com/blog/news-payhawk-passes-100m-arr (As of November 11, 2026)
- Sacra, Payhawk revenue and funding: https://sacra.com/c/payhawk/ (As of November 11, 2026)
- Spendesk pricing: https://www.spendesk.com/pricing/ (As of November 11, 2026)
- Spendesk home page: https://www.spendesk.com/ (As of November 11, 2026)
- Faraday Partners, Spendesk: https://www.faradaypartners.com/portfolio/spendesk (As of November 11, 2026)
- Sifted, Spendesk profitability: https://archive.ph/EjfP2 (As of November 11, 2026)
- Journal du Net, Spendesk interview: https://www.journaldunet.com/fintech/1556875-dans-dix-ans-spendesk-sera-une-solution-tres-differente-de-celle-d-aujourd-hui/ (As of November 11, 2026)
- Tracxn, Spendesk: https://tracxn.com/d/companies/spendesk/__29d_QKyRd8alYJgCWRbfgAmjn0tcRgkwE6s_lmj2mjU (As of November 11, 2026)