Payhawk quadruples IFRS revenue in two years; ARR up 78%

2024 results include NRR of 173.5% and gross margin of 82% — as the company builds on spend management to deliver finance orchestration

LONDON, UNITED KINGDOM, September 8, 2025 /EINPresswire.com/ -- Payhawk, the finance orchestration platform that unifies global spend management with intelligent automation and real-time payments, today announced audited results for the year ended 31 December 2024. Annual recurring revenue (ARR) rose 78% to €39.5 million, supported by net revenue retention (NRR) of 173.5% (12-month cohort average) as customers expanded their use of the platform. IFRS revenue reached €23.4 million, up 85% year over year and nearly 4× the €5.9 million reported in 2022. Annualised average revenue per account (ARPA) increased 21% to €25.9k, reflecting sustained up-market traction.

Finance orchestration brings corporate cards, expense management, accounts payable, and procure-to-pay together with ERP/HR systems, automating policy enforcement, approvals, payments and reconciliation across entities — building on Payhawk’s spend-management foundation and now enhanced by context-aware AI agents.

In 2024, Payhawk expanded gross margin on net revenue (IFRS) to 82%, reduced net cash used in operating activities by 34% to €22.0 million (operating cash burn), and ended the year with €109.6 million in cash. While continuing to invest in product innovation, regulatory infrastructure, and international expansion, operating loss metrics improved year over year: non-GAAP operating loss decreased 10% to €24.5 million, and IFRS operating loss narrowed to €31.3 million (2023: €33.9 million). The shift reflects stronger unit economics and greater operating leverage as the platform scales.

Product, market & leadership milestones

- Regulatory infrastructure (EU & UK): Secured a UK Electronic Money Institution (EMI) licence to complement EU authorisation and initiated 2025 UK customer-migration plans, consolidating control over payment flows and long-term cost efficiency.
- Connected ecosystem: Deeper ERP/accounting integrations (e.g., Sage Intacct, DATEV, Odoo, Exact Globe) and expanded advanced card controls across 32 countries; partnerships with J.P. Morgan Payments and American Express strengthen global payment capabilities and policy enforcement.
- AI Office of the CFO (launched 2025): Introduced intelligent agents that handle complex workflows - such as expense document retrieval, business travel booking, procurement requests, payment verification, and policy compliance - via a conversational interface. By embedding company rules and context, the agents help teams run end-to-end finance processes with minimal manual effort.
- Leadership (2025): Strengthened the management team with Dan Osburn (Chief Payments Officer, 1 April 2025), Thibaud Catry (Chief Compliance Officer, 1 April 2025), and Stephen Mulholland (Chief Revenue Officer, 1 June 2025) to support the next phase of scale.

Executive commentary

Hristo Borisov, Co-founder & CEO
“We’re scaling with quality. In two years, we’ve nearly quadrupled IFRS revenue while expanding margins and reducing operating cash use. With NRR at 173.5% and ARPA up 21%, 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 €109.6m 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 & CFO
“The unit-economics engine is working. Gross margin on net revenue is 82%, LTV/CAC is 8.0×, and net cash used in operating activities fell 34%. Pair that with NRR of 173.5% 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.”

By the numbers (FY2024)
- IFRS revenue: €23.4m (+85% YoY; ~4× vs. 2022)
- Annual recurring revenue (ARR): €39.5m (+78% YoY)
- Net revenue retention (NRR): 173.5% (12-month cohort average)
- Gross margin (on net revenue): 82%
- Net cash used in operating activities: €22.0m (−34% YoY)
- Non-GAAP operating loss: €24.5m (−10% YoY); IFRS operating loss: €31.3m (2023: €33.9m)
- Cash & equivalents: €109.6m
- Annualised ARPA: €25.9k (+21% YoY)
- LTV/CAC: 8.0× (vs. 4.7× in 2023)



About Payhawk
Payhawk is the finance orchestration platform that unifies global spend management with intelligent automation and real-time payments. Our solution combines corporate cards, expense management, accounts payable, and procure-to-pay processes in a single platform, eliminating manual processes that slow companies down.

Unlike solutions that compromise on either powerful controls or user experience, Payhawk delivers both, enabling finance teams to drive efficiency and business growth while maintaining control. Companies like LuxAir, Babbel, Wallbox and Wagestream trust Payhawk to elevate their financial operations through custom workflows, real-time visibility, and seamless integrations. Headquartered in London with offices across Europe and the US, Payhawk serves mid-market and enterprise companies in 32+ countries.

Eyimofe Okuwoga
CCGroup, a Hoffman Agency
+44 7760 804646
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