Danish FinTech platform Mazepay, which aims to simplify procurement and B2B payments, has raised €4m in growth funding.
Scale Capital, a technology-focused investor, served as the lead backer. Other commitments came from Hambro Perks and Outward VC.
This investment will allow Mazepay to expand across Europe.
Founded in 2018, Mazepay helps medium and large-scale enterprises to manage all B2B spending through a compliant global ecosystem. It claims this will reduce long-tail spend problems that are caused by managing thousands of suppliers and tens of thousands of invoices.
The company’s payment solution is integrated within the Mastercard ICCP (In Control Commercial Payments) which is connected with over 70 banks globally.
Its clients include Polestar, Orsted, Advania, Better Collective, Configit and Sweco. Additionally, it has partnerships with AirPlus International, Nordea, and SEB Kort.
Mazepay founder and CEO Søren Aabel Hammer said, “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. The B2B payments market is growing at a rapid pace and our vision is to be the go-to platform for businesses that require a safer and more efficient way to handle purchases.”
Last year, Mazepay received a pan-European payments institute licence from the Danish Financial Supervisory Authority. This allows it to handle transactions on behalf of companies to pay suppliers’ invoices directly, which adds further automation and compliance to the platform.
Speaking on the deal, Outward VC co-head Kevin Chong added, “Innovation in B2B payments is a long way behind that of B2C payments, but the inefficiencies and risks surrounding B2B payments is 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.”
Another Danish FinTech to recently raise funds was kompasbank, which raised DKK 92m.
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