Berlin – Bulgaria is considered the poorest country in the EU. When reporting about the country on the Black Sea, negative headlines about corruption, crime or excessive bureaucracy often dominate. And the young people are running away from the country in order to have a better future in Western Europe. But all of this is true, but it is only half the story, because almost unnoticed by the European public, a lively tech sector has developed in Bulgaria’s capital Sofia, which is appearing increasingly self-confidently. With Payhawk, a start-up from Sofia is now setting out to conquer the European market.
Payhawk wants to simplify the expense report and relies fully on digital solutions. “With Payhawk we are building the financial system of tomorrow. We enable finance teams to manage all corporate expenses such as company cards, supplier payments, reimbursements and invoices in a single system, ”says Hristo Borisov, who co-founded Payhawk with Boyko Karadzhov in Sofia. Developing a software platform for expense reports sounds brittle at first, but in fact the company is addressing a major problem for many finance departments. “We kind of stumbled upon the idea for Payhawk. Our initial focus was on creating a virtual card that would protect companies from spending too much on subscriptions, ”says Borisov.