Denmark-based Mazepay, a fintech platform that simplifies long-tail procurement and B2B payments, announced on Wednesday that it has raised €4M in a growth funding round to expand further across Europe.
The round was led by Copenhagen-based Scale Capital, a venture fund investing in Nordic B2B tech startups at Seed and Series A rounds. The round also saw participation from Hambro Perks and London-based early-stage venture capital firm Outward VC.
Simplifying corporate spend
Founded in 2018 in Aarhus (Denmark) by Søren Aabel Hammer, Dan Kortegaard Nielsen and Thomas Dragsbæk, Mazepay is a SaaS technology platform that automates B2B financial transactions, making them simple and seamless.
The company assists organisations in managing the long-tail expenditure issues brought on by thousands of invoices and suppliers, which are difficult for them to handle using outdated systems that take a long time and are prone to mistakes.
Mazepay’s platform enables medium and large-sized businesses to simplify long-tail procurement and B2B payments within a reliable and legal global ecosystem.
The company employs a team of 28 people who handle customers such as Polestar, Orsted, Advania and Sweco, among others. Mazepay also has partnerships with leading financial service organisations, such as AirPlus International, Nordea, and SEB Kort.
The company’s payment solution platform 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.
CEO Søren Aabel Hammer says, “With the increased uncertainty that many businesses are facing, and the ever-growing need to cut costs, create transparency of spend, and reduce risk, our solution has never been more important. Our vision is to be the go-to platform for businesses that require a safer and more efficient way to handle purchases.”
Last year, The Danish Financial Supervisory Authority gave Mazepay a pan-European payments institution licence, allowing it to manage transactions on behalf of businesses to pay suppliers’ invoices directly, further automating and upholding compliance for the platform.
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