Digital financial technology firm, Wirecard, is collaborating with Bulgarian fintech Payhawk to launch a new Visa corporate card that provides corporate expenses management via an app and web interface.
Founded in 2018, Payhawk offers an all-in-one corporate expense and spend management service for small and medium-sized companies, including the new corporate card, which is issued by Wirecard. Payments, invoices, expenses, and card issues are automated and digitised. The Fintech provides a mobile app and web interface to give its corporate clients a comprehensive dashboard to help control employees’ spending, travel expenses or other transactions.
Wirecard’s solution and end-to-end card infrastructure also includes e-money license, issuing license, fraud and risk management, issuing processing, and card management platform. Each card, which will be available in both virtual and physical form, can be individually controlled by assigning monthly budgets, spend limits or being part of a more complex request and approval workflow.
The deal between Wirecard, Visa and Payhawk will enable the Bulgarian start-up to address new target groups in Europe with a particular focus on small and medium-sized enterprises that currently lack digital solutions for expense management.
The constant feedback we got from finance leaders in SMEs is how much time they waste reconciling card statements, tracking expenses, handling paper, manually entering data and trying to enforce spend policies and budgets on cards. Together with Wirecard and Visa, we are happy to provide an efficient and compliant solution to manage company spend end-to-end and enforce spend policies and budgets directly on cards.
Hristo Borisov, Co-founder and CEO, Payhawk