Existing customers more than doubled spend

That level of expansion means Payhawk is not just winning accounts, it is becoming the system where more of each customer’s finance work and payment volume lives. A 173.5% NRR in 2024 points to customers adding more users, more entities, and more modules, while routing more card and bill spend through the platform. The 21% rise in revenue per account in 2024 and the shift toward larger customers fit the same pattern.1 2 3

• In practice, spend growth comes from product breadth. Payhawk sells cards, expenses, AP, travel, procurement, and global payments in one workflow, so a customer can start with employee cards, then add invoice approvals, vendor payments, and travel booking without changing systems.1 4
• The upmarket motion makes expansion bigger. Payhawk says mid market and enterprise customers grew from 22% of the base in 2021 to 48% in 2025, and its multi entity ERP setup lets finance teams connect whole company groups to NetSuite or Sage Intacct at once, which raises seat count, payment volume, and software attach per account.1 5 6
• This is stronger than a normal SaaS upsell story because spend management has two meters running at once. Customers can pay more for software modules and also push more transaction volume through cards and payments. Pleo shows the same two part model, while Brex reported enterprise NRR above 130%, well below Payhawk’s 173.5%.2 3 7

The next leg is likely to come from turning Payhawk from an expense tool into the default control layer for company money movement. As more customers centralize AP, travel, procurement, and multi entity ERP workflows inside one system, expansion should keep outpacing simple seat growth and make existing accounts the main engine of revenue.1 4 5