Lightspeed Venture Partners is leading an investment of $100 million in London-based corporate card startup Payhawk, according to two people familiar with the matter. The deal values the startup, founded in 2018, at $1 billion including the new money, the people said.
The new capital gives Payhawk ammunition to expand to the U.S., where it will take on larger competitors Brex, valued at $12.3 billion, and Ramp, recently valued at $8 billion. Payhawk plans to open an office in New York City, its first U.S outpost, and begin adding U.S. clients later this year, according to one of the people. Like Brex and Ramp, Payhawk is going after the hundreds of billions of dollars American Express cardholders spend in the U.S. each year. It also sells expense management software tailored to startups and small businesses.