Upmarket Motion Drove Payhawk ARPA

Rising ARPA shows that Payhawk is no longer winning mainly on employee card issuance, it is winning by becoming a larger company’s finance control system. Bigger customers bring more legal entities, more approvers, more ERP connections, and more payment flows. That means each account buys more seats and modules, then pushes more supplier payments and card spend through the platform, lifting both subscription revenue and usage revenue per customer.

• The customer mix changed sharply upmarket. Mid market and enterprise customers grew from 22% of the base in 2021 to 48% in 2025, which lines up with ARPA reaching €25.9K in 2024, up 21% year over year.
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• Enterprise spend software expands by surface area. A larger customer does not just add more cardholders, it adds AP, procurement, travel, multi entity controls, and SAP or other ERP connectivity. Each added workflow gives Payhawk another reason to charge more and process more volume.
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• This is the same playbook seen across the category. Brex and Ramp both grew by moving from cards into broader finance software, while Pleo stayed more centered on SMB expense management. Payhawk’s mix shift suggests it is competing more directly with the former set than the latter.
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The next leg is deeper enterprise penetration, not just more accounts. If Payhawk keeps landing larger finance teams, ARPA should keep rising as procurement, travel, and global payments attach rates increase, pushing the business toward a more durable multi product revenue model and closer competition with full stack spend platforms.