Payhawk, the groundbreaking fintech startup and Bulgaria’s inaugural unicorn, made an exciting announcement on Monday. The company revealed its expansion into Lithuania, bringing its cutting-edge spend management software to the market. In addition to launching its services, Payhawk has established a new local office in Vilnius, further strengthening its presence in the region.
With its recent acquisition of an Electronic Money Institution (EMI) license from the Bank of Lithuania, the startup is now actively seeking a skilled team of financial specialists. This strategic move aims to expedite product development and further enhance their offerings.
Founded in 2018 by Hristo Borisov and Boyko Karadzhov, and later joined by Konstantin Dzhengozov, the startup is an innovative fintech startup revolutionizing finance operations. Combining expense management, payments, and invoice management into a comprehensive solution, Payhawk serves as a one-stop-shop for finance teams.
Traditionally, finance teams have been burdened with manual work due to the fragmented nature of tools for cards, payments, invoicing, and expenditure management. The company addresses this challenge by consolidating these essential elements into a unified platform, streamlining processes and reducing manual efforts.
Expanding its reach to Lithuania, Payhawk now extends its services to clients in over 32 countries. Offering a single global solution to businesses across Europe, the UK, and the US, Payhawk has established offices in London, Berlin, Barcelona, Paris, Amsterdam, Sofia, New York, and Vilnius. Notable companies like LuxAir and Babbel are part of the company’s esteemed customer base.
Saulius Žlabys, Managing Director at Payhawk Lithuania, expressed the company’s commitment to optimizing spend and increasing the efficiency of finance teams. With a focus on Lithuania as a significant market, Payhawk’s local presence aims to extend the advantages of their platform to more businesses in the Baltics.
Obtaining an EMI License to Drive Innovation and New Feature Development
The company has recently obtained an EMI license from the Bank of Lithuania, marking a significant milestone for the company. Co-founder Hristo Borisov emphasizes that this license will play a pivotal role in accelerating the development of new features for the Payhawk platform.
Borisov explains, “We deliberately chose to pursue a license from the Bank of Lithuania due to their proactive support for innovative financial companies like ours. This license will enable us to bring further innovation to our customers. In the coming year, we have plans to introduce new features that will empower our customers to manage a wider range of spending across various global currencies.”
To support their expanding operations, Payhawk is actively seeking skilled professionals in finance, payment operations, and risk assessment to join their new office in Vilnius.
Borisov further emphasizes, “At Payhawk, we embrace values such as promoting flat hierarchies, taking ownership and responsibility, fostering feedback, managing constructive criticism, and encouraging open communication. We recognize that the best ideas emerge from diverse perspectives, so we are committed to fostering an inclusive and diverse work environment across all areas of our company.”
Elijus Čivilis, General Manager at Invest Lithuania, welcomes the unicorn as a valuable addition to Lithuania’s thriving fintech landscape.
Čivilis comments, “We are delighted to witness Vilnius not only nurturing unicorns but also attracting them. I am confident that in Lithuania, Payhawk will find the right talent and support to continue its impressive growth trajectory.”