Wirecard partners with Bulgarian FinTech Payhawk to launch new Visa corporate card

Source: IBS Intelligence 2020-06-16

Wirecard announced today that it has partnered with Bulgarian FinTech Payhawk in a bid to launch a new Visa corporate card in an attempt to offer companies with a solution to manage their corporate expenses. Payhawk is expected to leverage Wirecard’s customised corporate expense card solution that includes end-to-end card infrastructure, etc.

“Wirecard began as a start-up 20 years ago. Even as a DAX company, we still have that start-up culture in our DNA, and are always looking to foster other young and exciting companies. Payhawk is one such start-up, innovative with a solid business plan and we are delighted to be supporting such a promising Fintech on their path to success,” said Leonard Coen, Head of Sales and Project Management, Financial Institutions, at Wirecard.

The collaboration will allow companies using Payhawk will be able to administrate budgets, spending limits as well as other expenses for every card through a single interface. The card will be available in both virtual and physical form across 13 European countries.

According to Wirecard, its end-to-end card infrastructure also includes an e-money license, issuing license, fraud and risk management, issuing processing, and card management platform. The company-issued cards can be individually controlled by assigning monthly budgets, spend limits or by being part of a more complex request and approval workflow.

“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.

FinTech Payhawk’s Visa Business Cards are currently available in 13 European countries, including the United Kingdom, Germany, Spain and Bulgaria.

Wirecard partners with Bulgarian FinTech Payhawk to launch new Visa corporate card

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