Mazepay, a Copenhagen, Denmark-based fintech platform for long-tail procurement and B2B payments, raised €4M in Growth funding.
The round was led by Scale Capital with participation from Hambro Perks and Outward VC.
The company intends to use the funds to expand further across Europe.
Founded in 2018 in Aarhus, Denmark, by CEO Søren Aabel Hammer, COO Dan Kortegaard Nielsen, and CTO Thomas Dragsbæk, Mazepay empowers medium and large-scale enterprises to easily manage all B2B spending within a compliant global ecosystem. The company helps large corporations deal with the long-tail spend problems that arise from managing thousands of suppliers and tens of thousands of invoices, with archaic methods requiring authorisation and sign off from multiple stakeholders. It counts Polestar, Orsted, Advania, Better Collective, Configit, and Sweco as customers, and partnerships with leading financial service organisations, including AirPlus International, Nordea, and SEB Kort.
The payment solution has also been integrated within the Mastercard ICCP (In Control Commercial Payments), which is connected with over 70 banks globally, and enables a new bank to go live on the platform within 30 days of registration.
Last year, Mazepay, which employs a team of 28 people, spanning 11 nationalities, was granted a pan-European payments institute licence by the Danish Financial Supervisory Authority, enabling it to handle transactions on behalf of companies to pay suppliers’ invoices directly, which adds further automation and compliance to the platform.
FinSMEs
08/02/2023