Bulgarian unicorn Payhawk launches zero-interest emergency credit cards for US and UK customers
Payhawk, also known as Bulgaria´s first tech unicorn, recently announced the release of a new zero-interest emergency credit card line for US and UK businesses. The new Visa credit card offers 30 to 60 days payment terms, which, some believe, would be essential for small businesses and startups.
In times of financial chaos and Silicon Valley Bank disruptions Payhawk, the leading spend management solution for domestic and international businesses throughout Europe and the US, continues to look for industry-tailored solutions. Now more than ever, there is greater fragility to traditional banking institutions thanks to the supersonic speed of information in a tech-enabled world, says the Payhawk team.
“We are eager to provide this product to businesses in need as we have been monitoring the situation with Silicon Valley Bank since Thursday. It was extremely important for us not to take advantage of the situation and contribute to the bank run during Thursday and Friday, but now that there is a real-risk of cash crunch at businesses on Monday, we wanted to ensure that we can help those businesses given our strong position as a company in the space,” stated Hristo Borisov, Co-founder & CEO at Payhawk.
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To sum it up: Dependence or overly reliance on any one vendor, supplier, or partner presents a significant business risk, in these unpredictable times. As a result, companies should look at credit lines as a way of diversifying cash flow to avoid being caught in the eye of the storm. The term ‘bridging credit’ has traditionally been used to offer short-term solutions to cash flow issues. Now there has been a shift with companies opting to use emergency financing with a level of trust previously reserved for offline banks.
