Payhawk Pitch Deck: 21-Slide Series A Deck

See all 21 slides of the Payhawk pitch deck — a FinTech deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

Payhawk positions itself not just as a card issuer, but as a next-generation financial system that bridges the gap between bank accounts and ERPs. The deck is notable for its transparency regarding unit economics and cohort performance, showing a 2020 Q1 cohort reaching 707% retention by Q6. The strategy is clear: use company cards as a 'spearhead' to enter an organization, then expand into bill payments, reimbursements, and full ERP connectivity. While the deck heavily redacts specific financial figures in the P&L forecast, the structural logic of their 'negative revenue churn' and the pedig…

Key takeaways

The Financial System of Tomorrow: A Strategic Overview

Payhawk’s pitch deck is a 21-slide document that moves methodically from team pedigree to market pain, and finally to a detailed breakdown of unit economics. The deck uses a clean, minimalist aesthetic with a consistent green accent color, mirroring the brand's identity. It is designed to convince investors that Payhawk is not just another corporate card provider, but a sophisticated software layer that sits between legacy banking and modern enterprise resource planning (ERP) systems.

Slide 1: Title and Vision

The cover slide introduces the company name and the tagline: "The financial system of tomorrow." It features a product mockup showing the interface across a laptop, smartphone, and a physical black Visa card. This immediately establishes the multi-platform nature of the service.

Slide 2: The Rockstar Tech Team

Payhawk leads with its team, which is a common strategy for companies with significant prior exits. The slide highlights three founders: Hristo Borisov (CEO), Boyko Karadzhov (CTO), and Konstantin Djengozov (CFO) . Key facts stated include their history at Progress Inc (following a $263.5m Telerik acquisition) and Hristo’s 11-year tenure as Director of Product. The slide also notes that 80% of the dev team are ex-Telerik employees. Investor logos for QED Investors and Earlybird are prominently displayed, along with key hires in growth and sales from Germany and Spain.

Slides 3-5: The Problem, Solution, and Product Architecture

Slide 3, titled "Bank accounts were built for retail – not for business spending," illustrates the current fragmented landscape. It shows a 'massive gap' between bank accounts and ERPs (SAP, Dynamics, NetSuite, Sage), noting it takes ~45 days to see what happened due to manual reconciliation. It lists competitors like Barclays, Expensify, Pleo, and Revolut Business as part of this disconnected ecosystem.

Slide 4 introduces Payhawk as the bridge. It claims the product is available in 30 countries and works on top of existing bank accounts. The visual shows Payhawk sitting as a green layer between the ERPs and the bank accounts, providing automated reconciliation and real-time information.

Slide 5, "Enterprise software meets global payments," provides a feature grid. It categorizes the offering into Spend, Control, Intelligence, Security, and Integrations. Notable features include OCR in 60 languages , PCI DSS Level 1 security, and direct integrations with SAP and Oracle NetSuite. It also maps out global payment capabilities across Europe, North America, Australia, Asia, and South America.

Slides 6-8: Market Strategy and Customer Segmentation

Slide 6 discusses "Universal pain," stating the product is used by organizations ranging from 2 to 10,000 employees in 22 countries . It includes a customer journey map from 'Need' to 'Expand,' claiming the tool cuts operational work by 50% to 70% .

Slide 7 focuses on "high growth businesses." It defines this segment as having $5m+ revenue, being less than 8 years old, and typically at Series A+ stage. Logos like MacPaw, Nexo, and Gtmhub are shown. A testimonial from Robbie Hadfield at Dendra Systems emphasizes the value of paying invoices through the system.

Slide 8 targets "multinational corporations." This segment has $50m+ revenue and 500+ employees. Logos include Lotto24, Luxair, and TBI Bank . The buying signal for this group is identified as a CFO/CIO/CDTO being hired in the last 12 months.

Slide 9: The Spearhead Strategy

This slide explains the 'Land and Expand' model. Titled "Come for the cards stay for everything else," it describes company cards as the 'spearhead.' Once a company is onboarded, they move through a pipeline of IBANs, Reconciliation, Payments, Workflows, and finally ERP connectivity. It explicitly mentions "The Adyen play of issuing" as the long-term goal.

Slides 10-12: The Financial Engine

Slide 10 is perhaps the most important for an investor. It shows a cohort analysis table from 2019 Q4 to 2021 Q3. The data indicates negative revenue churn . For example, the 2020 Q1 cohort reached 707% of its initial MRR by Q6 . The note explains that expansion includes new business entities, additional cards, and increased interchange fees.

Slide 11 covers "Sound unit economics." While specific dollar amounts are replaced with 'x', the structure is clear. They earn from subscriptions, interchange, and FX fees. They claim to earn 100% on interchange via Visa Corporate BINs and benefit from high gross profit due to multiple contracts with processors and issuers rather than a single vendor.

Slide 12 provides a P&L Forecast for FY'19 through FY'23. Again, figures are redacted, but the slide emphasizes an efficient R&D team in Sofia and the strategy of moving up-market to larger accounts to increase Average Deal Size (ADS).

Slides 13-20: Competitive Advantage and Product Deep Dive

Slide 13, "Why us," summarizes the competitive edge: a horizontal play with multiple issuers, no IT resources required for implementation, and a strong indirect channel through ERP ecosystems.

Slides 14-20 walk through specific product features with high-quality illustrations:

Connect (Slide 15): Direct connection to 3,000+ banks and dedicated IBANs. · Automated collection (Slide 16): Real-time receipt collection to replace petty cash. · Control (Slide 17): Real-time spend rules for individual cards, including prohibited merchants and time-based limits. · Workflows (Slide 18): Multi-level approval chains for unplanned purchases. · Payments (Slide 19): Support for SEPA, Faster Payments, and multi-currency cards with a 0.9% exchange markup . · OCR (Slide 20): AI-powered extraction of pre-accounting data in 60+ languages.

Slide 21: Contact and Presence

The final slide lists physical office addresses and phone numbers in London, Berlin, Barcelona, and Sofia , reinforcing their multi-national European footprint.

What Works in This Deck

The Team-Market Fit: By emphasizing the 'ex-Telerik' background, the founders establish themselves as people who know how to build and scale enterprise software. This mitigates the 'execution risk' often associated with complex FinTech infrastructure.

The Cohort Table: Including a detailed cohort expansion table is a high-conviction move. It proves that the 'spearhead' strategy actually works in practice, showing that customers don't just stay—they grow their spend by 4x to 7x within two years.

Clear Segmentation: Distinguishing between high-growth startups and multinational corporations shows a sophisticated understanding of the sales cycle. Identifying specific 'buying signals' (like a new CFO hire) demonstrates a mature go-to-market strategy.

What is Missing

Specific Financial Totals: While the structure of the P&L and unit economics is shown, all actual figures are redacted. A potential investor would need to see the 'x' values to determine if the growth is capital-efficient.

Burn Rate and Runway: There is no mention of the current burn rate or how long the requested funding will last. The deck focuses entirely on the business model and product rather than the specific 'Ask' or use of proceeds.

Competitive Landscape Detail: While Slide 3 mentions competitors, it doesn't provide a feature-by-feature comparison or a 'magic quadrant' style analysis. It assumes the investor already understands why a 'software-first' approach is superior to a 'bank-first' approach.

What a Founder Should Copy

The 'Spearhead' Narrative: Founders should copy how Payhawk frames their product as an entry point into a much larger ecosystem. They aren't just selling cards; they are selling a 'nerve system' for finance teams. This justifies a higher valuation than a simple payment processor.

Visualizing the 'Gap': Slide 3 is an excellent example of how to visualize a problem. By showing the 'disconnected processes' and the '45-day delay,' they make the pain point tangible and urgent.

Transparency in Unit Economics: Even if you redact the final numbers for a public version of the deck, showing the structure of your unit economics (as seen on Slide 11) tells investors that you understand your margins, your costs (KYC, card shipping, storage), and your revenue drivers.

Conclusion Payhawk’s deck is a clinical, data-driven presentation. It avoids fluff and focuses on the mechanics of growth and the technical superiority of their software layer. It is a model for B2B FinTech companies looking to move from the SME market into the enterprise space.

Frequently asked questions

What is Payhawk's primary value proposition for CFOs?
According to Slide 4, Payhawk combines credit cards, payments, expenses, and cash management into one integrated experience. This gives CFOs maximum control and visibility over company spend without requiring them to change their existing banks or ERP systems. The deck claims this can cut operational work by 50% to 70% (Slide 6).
How does Payhawk handle competition from neobanks?
Slide 13 argues that while neobanks target SMEs, Payhawk targets customers out of their reach. The company claims that since 'Fintech already matches a neobank,' the real competitive level-playing field is software. Payhawk positions itself as a horizontal play with multiple issuers to cover all countries and currencies, unlike limited neobank offerings.
What does the cohort data reveal about their business model?
Slide 10 shows 'negative revenue churn,' meaning existing customers spend significantly more over time. For example, the 2020 Q1 cohort grew to 707% of its initial value by the sixth quarter. This expansion is driven by adding more business entities, issuing more cards, and increasing turnover, which generates more interchange and FX fees.
What are the key components of Payhawk's unit economics?
Slide 11 outlines a model where they earn 100% on interchange, FX fees, and transfers via Visa Corporate BINs. Because they are perceived as a software layer rather than just a bank, they can charge high SaaS subscription costs. This results in a 'relatively high gross profit' compared to other fintechs that rely on a single vendor.
How does the product integrate with existing enterprise workflows?
Slide 5 lists integrations with major ERPs including Microsoft Dynamics, Oracle NetSuite, SAP, Xero, and QuickBooks. The product includes features like OCR in 60 languages, multi-level approval workflows (Slide 18), and real-time spend rules (Slide 17) to ensure compliance and security (PCI DSS Level 1, SOC2) within the enterprise environment.
Cover slide of the Payhawk pitch deck
Payhawk pitch deck, slide 1

Payhawk pitch deck: the facts

Company
Payhawk
Year
Not stated
Stage
Series B (implied by 'Series A+' target segment and growth…
Slides
21
Sector
FinTech
Deck type
Fundraising Pitch Deck
Outcome
Success (Company reached Unicorn status)
Headquarters
London, UK (with offices in Sofia, Berlin, Barcelona)

Payhawk pitch deck PDF

The full Payhawk deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Payhawk pitch deck was used for

This deck is Payhawk’s growth-stage fundraising presentation for its **Series B** round, used around late 2021 when the company was positioning itself as a “financial system of tomorrow” for high-growth enterprises. It presents Payhawk as a next‑generation platform that sits on top of existing bank accounts and ERPs to unify cards, payments, expenses and pre‑accounting, with product availability in 30 countries at the time of the deck. The target customer segment called out in the deck is VC‑funded Series A+ SaaS and technology companies with 5m+ revenue and global operations. The deck predates or coincides with Payhawk’s November 2021 Series B and subsequently the March 2022 Series B extension that turned Payhawk into the first Bulgarian unicorn.

Business model: B2B spend management and corporate card platform that unifies company cards, payments, expenses, cash management and pre-accounting into one system for finance teams.

Round
Series B
Investors
Greenoaks Capital Partners, QED Investors, Earlybird Digital East, Eleven Ventures, Lightspeed Venture Partners, Sprints Capital, Endeavor Catalyst, HubSpot Ventures
Founded
2018
Founders
Hristo Borisov, Boyko Karadzhov, Nikola Hristov
Headquarters
Sofia, Bulgaria, with significant operations in London, UK.
Industry
FinTech / B2B spend management

Year: 2021 for the initial Series B closing, with an extension in 2022.

Raising: Series B growth capital to scale Payhawk’s spend management platform, expand internationally and deepen product capabilities around payments, expenses and ERP integrations.

Raised: Approximately $112M initial Series B in November 2021 plus $100M Series B extension in March 2022, for about $212M in Series B‑stage capital.

Lead investor: Greenoaks Capital Partners for the initial Series B; Lightspeed Venture Partners for the Series B extension.

Total funding: Approximately $239M total funding after the March 2022 Series B extension.

Use of funds as presented: Support rapid international expansion across 30+ countries, grow sales to high‑growth enterprises, invest in product development (invoice payments, deeper ERP integrations, cash management), and strengthen the platform to become a core financial system for CFOs.

What happened after the Payhawk deck

The Series B deck supported a large, quickly followed funding trajectory: Payhawk raised $112M in a Greenoaks‑led Series B in November 2021 and then a $100M Lightspeed‑led Series B extension in March 2022, becoming the first Bulgarian unicorn and bringing total funding to around $239M.

What the Payhawk deck got right

What could have been stronger

How an investor would read this deck

What draws attention

Risks that stand out

Questions this deck invites

What founders can take from the Payhawk deck

Payhawk pitch deck: common questions

What does Payhawk do?

Payhawk is a B2B fintech platform that provides corporate cards and an all‑in‑one spend management system, combining payments, expenses, cash management and pre‑accounting into one interface for finance teams.

What fundraising round and stage is Payhawk’s pitch deck for?

The deck is a 21‑slide Series B‑stage pitch used around late 2021 as Payhawk was raising and positioning itself as a next‑generation financial system for high‑growth businesses, explicitly targeting VC‑backed Series A+ companies.

How much did Payhawk raise in the Series B associated with this deck, and who invested?

Externally, Payhawk announced a **$112M Series B** round in November 2021 led by Greenoaks with participation from QED Investors, Earlybird Digital East, Eleven Ventures and others. In March 2022 it raised an additional **$100M Series B extension** led by Lightspeed Venture Partners, bringing total Series B funding to about $212M and making Payhawk the first Bulgarian unicorn.

Which markets and customer profiles does the deck say Payhawk was serving at the time?

According to the deck text, the product was available in **30 countries** and worked on top of existing bank accounts and ERPs, with early customers ranging from 2 to 10,000 employees across 22 countries in Europe and the UK.

Does the real‑world trajectory of Payhawk support the claims made in the pitch deck?

Yes. Public sources describe Payhawk as building a unified payments and expense management platform and report rapid growth, large Series B and extension rounds, and a unicorn valuation achieved in March 2022, which aligns with the "financial system of tomorrow" narrative in the deck.

Sources

Funding and outcome facts on this page were researched on 2026-08-21 from the pages below.

Payhawk pitch deck slides

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What each slide of the Payhawk pitch deck says

Slide 2

or " § ED EE 9 >_ EARLYBIRD yr » A INVESTORS Hristo Borisov Boyko Karadzhov Konstantin Djengozov. CEO co CFO Key investors + Worked as a team at Progress Inc (Telerik acquisition $263.5 m) + Yusuf Gzdalga, QED Partners + Hristo lead product innovation and new market entry at Telerik for + lo Mia: Cokie Bacher wERTHbRY HISORSIIEH VRB RS Ii SI 0 Oct + Vassil Terziev, Co-founder & CEO, Telerik & Partner at Eleven + Hristo & Konstantin managed a budget of $30m and lead a product SPEED Be Ea organization of 180 people. Reported directly to the Telerik founders. + Nek Robina Cider Srareay Tifficer Sage + Hristo & Boyko have a patent pending technologies for Alin the US as coinventors Key hires +…

Slide 3

Bank accounts were built for retail - not for business spending 3 3 SAP, , NetSuite, S Bank accounts and ERPs systems are separated with a massive (345 Doy, Hataitts, Sage), gap currently bridged with a lot of manual data entry, painful Finance teams are forced to manage credit cards, payments, WBARCLAYS BWEEXxpensify € spendesk expenses, and out of pocket cash in multiple disconnected SAP Concur systems without the ability to stay in control and have real-time EReceiptank 4 Outlook m] Exce visibility over company spend. P\EO $050:0° RavolotiBUsiness The complexity grows exponentially when a business expands M m internationally with new bank accounts, card issuers and local il accounting sy…

Slide 4

The financial system of tomorrow Payhawk is a next generation financial system that combines credit cards, payments, expenses, cash management and pre-accounting into one integrated experience to give CFOs maximum control and visibility over their company spend. The product is available in 30 countries and works on top of existing bank accounts without the need to change banks or ERPs. It's a plug & play solution transforming payments and business spending to increase operational efficiencies and unlock the full potential of every enterprise. payhawk.com Modernization of ERPs ERP or accounting systems (SAP, Dynamics, Oracle, Sage) Automated reconciliation and real-time information Spend pol…

Slide 5

Enterprise software meets global payments . Spend Control Intelligence Security Integrations 0 | crdpayments [ Card controls OCR in 60 languages PCIDSS Level 1 Microsoft Dynamics / 2 if. gs | Bill payments | Spend policies | Reconciliation Single-sign on / SAML Oracle NetSuite Pos : 2 | nembumements | Workflows | Four-eyes payments sap ! FS ( ( / + Cash payments. | | Geofencing Xero J € FA J | Quickbooks bY Europe N. A A Lt f 4 E Deposit account 5 ' of \ 2 Bank payments ' i]

Slide 6

Universal pain Early product used by organizations ranging from 2 to 10,000 employees in 22 countries across Europe and UK. The problem is the same, but the pain grows exponentially with number of employees, countries, currencies and systems in place. Once activated, Payhawk becomes the nerve system of a finance team cutting operational work by 50% to 70%. * Avoid sharing the Cnmunwlhm lmmm * Notraps when scaling * Connect your bank 'company credit card * Easy to compare to account * Don'twaste time chasing * nnmmrm . wmmbal existing alternatives * Issue cards for big and matching receipts people in the space regulations * Ease of use for all spenders to test Customer from cards * Read reso…

Slide 7

Perfect for high growth businesses Revenue: 5m+ Established :<8 years ago Industries: SaaS, Technology, Sales, Marketing If VC-funded than: Series A+ Problem: Looking for operational efficiency when scaling Objectives: Fast scaling / operational efficiency / stay lean Structure: Remote offices, multiple entities, global presence Sales cycle: 2-3 months "The initial pitch got was that you were all about expenses and credit cards, but you are actually solving one more problem for me. The moment you introduce the ability to pay invoices, this will make you famous. We hate all of our current online banking platforms and your simple to use interface is a game changer. If you allow us to also pay…

Slide 9

Comefor the cards stay for everything else Our spearhead is the next generation company cards within the spend & expense management market. Once companies start shopping, they realize that other point solutions are temporarily and won't scale with the growth of the company. While Payhawk does. A new market category will emerge with players serving the financial needs of international companies well beyond the use of cards. The Adyen play of issuing. l;/-'. o PENTA Expensify soldo °ge Pennylane Gemms.ai pymonzo €3 spendesk flibeo melic =N indy

Slide text above is read directly from the Payhawk deck PDF embedded on this page.

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