Finance orchestration platform Payhawk has unveiled its audited financial results for the year ended 31 December 2024, reporting an 85 per cent year-over-year increase in IFRS revenue to €23.4million. This represents a near four-fold increase compared to the €5.9million reported in 2022.
The company’s annual recurring revenue (ARR) grew by 78 per cent to €39.5million. According to the company, its growth was supported by a net revenue retention (NRR) rate of 173.5 per cent, as existing customers expanded their use of the platform. The annualised average revenue per account (ARPA) also increased by 21 per cent to €25,900.
Payhawk attributes this growth to its strategic shift from spend management to a broader ‘finance orchestration’ model, which unifies corporate cards, expense management, accounts payable and procure-to-pay processes with ERP and HR systems.
Financial performance and unit economics
Alongside top-line revenue growth, Payhawk reported improvements in its operational and financial metrics. The company expanded its gross margin on net revenue to 82 per cent and reduced its net cash used in operating activities by 34 per cent to €22.0million.
The company’s non-GAAP operating loss decreased by 10 per cent to €24.5million, while the IFRS operating loss narrowed to €31.3million from €33.9million in the previous year. Payhawk ended the year with €109.6 million in cash and cash equivalents.
Hristo Borisov, co-founder and CEO of Payhawk, commented: “In two years, we’ve nearly quadrupled IFRS revenue while expanding margins and reducing operating cash use. With NRR at 173.5 per cent and ARPA up 21 per cent, customers are adopting more of the platform as we move from spend management to finance orchestration – unifying cards, payables, and real-time payments with intelligent automation. With €109.6million in cash and our own EU and UK EMI licences, we’re investing in the infrastructure and capabilities enterprises need for the next decade.”
Konstantin Dzhengozov, co-founder and chief financial officer, also added: “The unit-economics engine is working. Gross margin on net revenue is 82 per cent, LTV/CAC is 8.0×, and net cash used in operating activities fell 34 per cent. Pair that with NRR of 173.5 per cent and ARPA growth, and you have efficient expansion – more value per customer and a path to greater operating leverage as volumes migrate to our own regulated payments stack.”
Operational and strategic developments
Payhawk highlighted several key milestones in 2024 and early 2025 that supported its growth. The company secured a UK Electronic Money Institution (EMI) licence to complement its existing EU authorisation, consolidating control over its payment flows.
It also deepened its integrations with ERP and accounting systems, including Sage Intacct, DATEV, Odoo, and Exact Globe, and expanded its advanced card controls across 32 countries. Partnerships with J.P. Morgan Payments and American Express were also noted as strengthening its global payment capabilities.
In 2025, Payhawk launched its ‘AI Office of the CFO’, introducing intelligent agents designed to handle complex finance workflows via a conversational interface. The company also strengthened its management team with the appointments of Dan Osburn as chief payments officer, Thibaud Catry as chief compliance officer, and Stephen Mulholland as chief revenue officer. The company stated its forward-looking strategy involves further investment in AI, market expansion in the US, and continued service expansion.
