Danish FinTech Mazepay raises 4 million euros for expansion in Europe

By Gloria Methri

Mazepay, the Danish FinTech platform that facilitates long-tail procurement and B2B payments, has raised a €4 million growth round led by Scale Capital.

Participants in the round include international investment firm Hambro Perks and London-based early-stage venture capital firm Outward VC. Mazepay will use the latest funding to expand further across Europe.

Founded in 2018 in Aarhus, Denmark, Mazepay empowers medium and large businesses to manage all B2B spend within a compatible global ecosystem. Their customers include Polestar, Orsted, Advania, Better Collective, Configit and Sweco, and partners include AirPlus International, Nordea and SEB Kort.

Mazepay’s payment solution platform is also integrated with Mastercard ICCP (In Control Commercial Payments) which is linked to over 70 banks globally and helps a new bank go live on the platform within 30 days of registration.

Søren Aabel Hammer, founder and CEO of Mazepay said: “With the increased uncertainty many businesses face, and the ever-increasing need to cut costs, create transparency in spending and reduce risk, our solution has never been more important. The B2B payments market is growing at a rapid pace, and our vision is to be the best platform for businesses that require a safer and more efficient way to handle purchases.”

Lars Jensen, founder of Scale Capitaladded, “At Scale Capital, we are excited to lead the investment round in Mazepay and support the company’s vision to simplify the management of enterprise spend. We like the team’s ambition, tenacity and customer-centric focus, and look forward to seeing the business expand globally.”

Kevin Chong, co-head of Outward VCsaid, “Innovation in B2B payments lags far behind B2C payments, but the inefficiencies and risks surrounding B2B payments are a growing problem for large enterprises and their employees. Mazepay is at the forefront of this and has built a best-in-class product used by some of Europe’s leading companies. We are delighted to support this growth funding round following our first investment in 2021.”