Mazepay, the Fintech platform that facilitates B2B payments, raises €4 million

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 by CEO Søren Aabel Hammer, COO Dan Kortegaard Nielsen and CTO Thomas Dragsbæk, Mazepay empowers medium and large businesses to easily manage all B2B spending within a trusted and compatible global ecosystem.

It counts the likes of Polestar, Orsted, Advania, Better Collective, Configit and Sweco as clients, and has partnerships with leading financial services organisations, including AirPlus International, Nordea and SEB Kort.

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

Modernizing archaic B2B payment processes

Mazepay helps large companies deal with the long spending problems that arise from managing thousands of suppliers and tens of thousands of invoices, with archaic methods that require authorization and sign-off from multiple stakeholders, making it extremely time-consuming and error-prone.

Its next-generation SaaS technology automates B2B financial transactions, making them as simple and seamless as possible.

According to a Goldman Sachs report, B2B payments are expected to grow to $200 trillion by 2028 and will be five times the volume of B2C payments, while 7% of the $120 trillion B2B payment volume is done digitally, according to Manhattan Venture Research. illustrates how fragmented legacy systems with a lack of data standards are inherent in the B2B transaction space.

Søren Aabel Hammer, founder and CEO of Mazepay, comments: “With the increased uncertainty that many businesses face, and the ever-increasing need to cut costs, create transparency in consumption and reduce risk, our solution has never been more important. The B2B payment 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 Capital, comments: “At Scale Capital, we are pleased to lead the investment round in Mazepay and support the company’s vision to simplify the management of corporate expenses. 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 VC, comments: “Innovation in B2B payments lags 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 initial investment in 2021.”

Tom Bradley, Partner at Hambro Perks comments: “We have a track record of supporting leading fintechs and a commitment to driving innovation in the fintech space. We were immediately impressed with the Mazepay team, their vision and value proposition. We look forward to to work with them to expand their business and expand their international footprint”

Through strategic partnerships with both international and national banks, and financial organizations, who also introduce the unique payment solution to their own customers, Mazepay ensures the global scalability of its fintech platform that helps facilitate B2B payments for customers in 21 countries five continents.

Last year, Mazepay, which employs a team of 28 people, spanning 11 nationalities, was granted a pan-European payment institution license by the Danish Financial Supervisory Authority, enabling it to handle transactions on behalf of companies to pay supplier invoices directly, adding further automation and compliance with the platform.