The Bulgarian start-up company, Payhawk, has attracted investments of 1 million leva after a new round of financing. The financial technology company, which offers digital cost management solutions for small businesses has 9 different investors, reports money.bg

Among them are Eleven Ventures, as well as Perry Blacher, a fine Google Advisor and senior adviser to Barclays UK, Vasil Terziev and Svetozar Georgiev, co-founders of Telerik Academy and Campus X as well as Nedelcho Spasov and Stanimir Vassilev, who are co-founders of the Management Financial Group. The company plans to channel the newly attracted capital to double its current team of 7 people and expand its operations in Europe and the UK where it recently opened an office.

Behind the project are two former Telerik employees - Hristo Borisov and Boyko Karadzhov. Payhawk.io issues debit cards that collect and rely on invoice and cash receipt data, eliminating the need for cost statements, allowing small businesses to deliver physical and virtual corporate cards without visiting a bank, "explains Chief Executive Officer Hristo Borisov.

"The problem for small businesses begins with the use of a corporate map, with 90% of small businesses having no more than one corporate card because of the time they need to collect all payment documents and process bank statements for each card, but the actual financial statement takes longer than month to be processed by the accounting team, "he adds.

Payhawk was established in 2018 to help small and medium businesses in cost management. The company's sales office is based in London and the product development team in Sofia.