Aarhus-headquartered fintech startup Mazepay announces its €4 million growth round led by Scale Capital with the participation of international investment firm Hambro Perks, and London-based early-stage venture capital firm Outward VC. The platform simplifies long-tail procurement and B2B payments for customers. The funding will accelerate Mazepay’s expansion plans 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 trusted and compliant global ecosystem.
It counts the likes of Polestar, Orsted, Advania, Better Collective, Configit, and Sweco as customers, and has partnerships with leading financial service organisations, including AirPlus International, Nordea, and SEB Kort.
Mazepay’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.
Mazepay 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, making it extremely time consuming and leading to errors.
Its next-generation SaaS technology automates B2B financial transactions making them as simple and seamless as possible.
According to a report from Goldman Sachs, 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 conducted digitally, according to Manhattan Venture Research, illustrating how fragmented legacy systems with a lack of data standards are inherent in the B2B transactions space.
Søren Aabel Hammer, Founder and CEO of Mazepay, comments: “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.”
Lars Jensen, Founding Partner of Scale Capital, comments: “At Scale Capital we are excited to lead the investment round in Mazepay and support the company’s vision of simplifying corporate spend management. We like the ambition, tenacity, and customer centric focus of the team, and look forward to seeing the business expand globally.”
Kevin Chong, Co-Head of Outward VC, comments: “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. We are delighted to support this growth funding round following on from our first investment in 2021.”
Tom Bradley, Partner at Hambro Perks comments: “We have a track record of backing leading fintechs and a commitment to driving innovation in the fintech space. We were immediately impressed by the Mazepay team, their vision and value proposition. We look forward to working with them to grow the business and expand their international footprint”
Through strategic partnerships with both international and national banks, and financial organisations, which also introduce the unique payment solution to their own customers, Mazepay is ensuring the global scalability of its fintech platform that is helping to simplify B2B payments for customers in 21 countries across five continents.
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.