UK’s Payhawk launches zero-interest emergency credit cards for US and UK businesses

London-based Payhawk, a spend management platform, announced on Sunday, March 12, that it has launched a new emergency Visa credit card for businesses with zero-interest rates and 60 days payment terms. The card is available to businesses in the US and UK.

In a statement, the UK fintech says, “If you need to open a bank account or gain access to a Visa credit card to pay immediate expenses, you can submit your application request to [email protected] and the Payhawk team will prioritise your application immediately.”

“We are eager to provide this product to businesses in need as we have been monitoring the situation with Silicon Valley Bank since Thursday. It was extremely important for us not to take advantage of the situation and contribute to the bank run on Thursday and Friday, but now that there is a real risk of a cash crunch at businesses on Monday, we wanted to ensure that we can help those businesses given our strong position as a company in the space,” says Hristo Borisov, Co-founder & CEO at Payhawk.

The company had raised $100M (approx €89.16M) about a year ago to extend its Series B round to $215M (approx €191.69M) at a valuation of $1B. 

Payhawk: Spend management platform

Founded in 2018 by Hristo Borisov, Boyko Karadzhov, and Konstantin Dzhengozov, Payhawk is a fintech startup that combines expense management, payments, and invoice management, in one solution.

The company also provides an industry-first 3 per cent cashback on card payments up to the full subscription amount, enabling customers to drive their subscription costs to zero while benefiting from enterprise-grade software. 

Currently, the company serves businesses in 32 countries across a variety of industries, currencies, and payment methods.

With offices in London, Berlin, Barcelona, Paris, Amsterdam, Vilnius, Sofia, and New York, Payhawk’s diverse customer base includes top names like LuxAir, ATU, Vinted, and Wagestream.

The company is backed by various investors, including Lightspeed Venture Partners, Sprints Capital, Endeavor Catalyst, HubSpot Ventures, Jigsaw VC, Greenoaks, QED Partners, and Earlybird Digital East.