Wirecard, the global innovation leader for digital financial technology, is collaborating with Bulgarian Fintech Payhawk to launch a new Visa corporate card to provide companies with an easy solution to manage corporate expenses. Payhawk will benefit from Wirecard’s tailor-made corporate expense card solution including end-to-end card infrastructure as well as Wirecard’s expertise in the payment industry.
The cooperation 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 and need to address the complexities of managing company cards. “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,” added Hristo Borisov, Co-founder, and CEO of Payhawk.
Wirecard’s solution and end-to-end card infrastructure also include an 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 by being part of a more complex request and approval workflow. Managers can monitor budgets in real-time and have full transparency over all company cards in use, all the time. Payhawk Visa Business Cards are available in 13 European countries, including the United Kingdom, Germany, Spain, and Bulgaria. Payhawk’s integrated payment account can be combined with any existing bank giving an efficient and flexible platform for finance teams to manage company spends.
