Expense management fintech Payhawk has achieved a significant milestone by becoming a principal member of Visa. This new development allows Payhawk to issue cards independently, eliminating the need for third-party involvement. The ability to issue cards is a vital aspect of Payhawk’s services, enabling businesses to receive company cards in various currencies and efficiently manage expenses at scale.
Enhanced Payment Options
Hristo Borisov, CEO of Payhawk, stated that one of their key objectives was to expand payment options for customers. With the recently acquired Visa membership and Electronic Money Institution (EMI) licence, Payhawk aims to offer greater flexibility to its clients. Currently, select markets have the option of choosing between debit and credit cards, but Payhawk desires to extend this choice to all its customers.
Visa Membership and Assessment
Visa membership is a privilege granted after a comprehensive assessment conducted by Visa. Usually reserved for larger financial institutions, this status emphasizes Payhawk’s credibility and competence in the financial technology sector. Payhawk achieved significant recognition in the last year when it became Bulgaria’s first startup unicorn, surpassing a valuation of $1 billion through a $100 million Series B funding round.
Expansion of Services
In October, Payhawk expanded its offering by introducing credit cards alongside its existing smart Visa debit card option. This move further complements the comprehensive suite of services provided by Payhawk, which extends beyond card issuance. Payhawk endeavors to resolve various back-office challenges faced by businesses, including report generation, bill payments, and invoice management. By automating these crucial processes, Payhawk eliminates the need for manual intervention in organizations.