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London Tech Week

Mazepay ropes in €4M to help European organisations manage B2B spendings 

Mazepay
Image credits: Mazepay

A report from Goldman Sachs recently revealed that B2B payments are expected to grow to $200 trillion by 2028 and will be five times the volume of B2C payments. As a result, B2B fintechs are booming, including Mazepay.

The Danish fintech platform, has just raised €4M in a growth round led by Copenhagen-based VC firm Scale Capital with participation from London-based VCs Hambro Perks and Outward VC (that also backed Peppy and Januar). 

The Denmark-based fintech will use the latest funding to expand further across Europe. The startup helps large corporations deal with the long-tail spending problems that arise from managing thousands of suppliers and invoices

Helping organisation manage B2B spending

Founded in 2018 by Søren Aabel Hammer, Dan Kortegaard Nielsen, and Thomas Dragsbæk, Mazepay enables medium and large-scale enterprises to manage all B2B spending.

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.” 

Instead, Mazepay’s next-generation SaaS technology automates B2B financial transactions making them as simple and seamless as possible. 

The company works with various clients, including 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.

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. 

This allows the firm to handle transactions on behalf of companies to pay suppliers’ invoices directly, which adds further automation and compliance to the platform.

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.”

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