- Payhawk, a business spend management platform, has obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).
- The Bulgarian firm, with offices in various European cities and New York, can now facilitate digital payments, issue cards, and provide electronic money services to UK customers.
- The FCA granted the license after extensive due diligence on Payhawk’s compliance, financial, and operational processes.
- Payhawk previously received an EMI license from the central bank of Lithuania, allowing operations across the European Economic Area (EEA).
- According to Hristo Borisov, Payhawk’s CEO, the FCA license “unlocks new possibilities” and enhances the firm’s infrastructure optimization.
- Founded in 2018, Payhawk offers credit card, accounts payable, expenses, cash management, and pre-accounting solutions to businesses in Europe, the US, and the UK.
- A $100 million Series B extension in March 2022 solidified Payhawk as Bulgaria’s first fintech unicorn, building on a $112 million Series B secured three months earlier.
- Payhawk, signaling expansion plans, has completed a hiring spree in recent months, adding key executives like Gareth Walsh, Maor Fishman, and Pedro Batista to its team.
