Payhawk.io: The Bulgarian Fintech Startup That Helps SMEs Deal with Expenses
Summary
Logically, after Progress, together with his colleague Boyko Karadzhov, they started working on the solution.They came up with a system that allows the instant issuing of digital and physical (takes several days) debit cards for employees. It works similar to Revolut.To be able to see your actual spending in real time and coordinate it with the set budgets is crucial for small businesses, Borisov explains.Employees could take photos and upload invoices in the system so the accounts could do their job as well. The target markets are, however, the UK and Germany.Eight angels, one fund and countingThe first investment of 150K came from Telerik co-founders Vassil Terziev and Svetozar Georgiev in the first days of the venture, long before the product was live. Besides Eleven Ventures who backed the company with 300K, and Terziev and Georgiev, who followed-on their previous support, other domain experts from Bulgaria and the UK have joined the round. The two Bulgarian financial entrepreneurs Nedelcho Spassov and Stanimir Vassilev, co-founders of Management Financial group, are also part of the pool.The presence of so many well-respected investors in this round speaks of the quality and potential of Payhawk.io, Daniel Tomov, partner at Eleven Ventures commented.+++ Theory and practice of the unicorn production ++++++ The right way to do angel investments ++++++ Could Bulgaria be the next fintech R&D hub of Europe?
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