Danish fintech Mazepay raises €4m to simplify B2B payments

Danish fintech platform Mazepay has raised €4m in a growth round led by Scale Capital.

The startup, which simplifies B2B payments to make them “as simple as B2C transactions”, plans to use the funds to expand further across Europe.

Founded in Denmark in 2018 by CEO Søren Aabel Hammer, COO Dan Kortegaard Nielsen, and CTO Thomas Dragsbæk, the company got its pan-European payments institute licence from the Danish Financial Supervisory Authority last year and now operates in 21 countries.

According to Mazepay it is modernising archaic B2B payments processes, with “next-generation SaaS technology” that automates financial transactions.

“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,” Hammer said.

“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.” 

According to Goldman Sachs, B2B payments are expected to grow to $200 trillion over the next five years and become five times the volume of B2C payments.

Mazepay plans to help medium and large-scale enterprises manage all their B2B spending in a “trusted and compliant global ecosystem”, simplifying methods that require authorisation and multiple stakeholder signoffs.

Led by Scale Capital, international investment firm Hambro Perks and London-based Outward VC also participated in the round.

“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,” Outward VC co-head Kevin Chong said.

“Mazepay is at the forefront of this, and has built a best-in-class product used by some of Europe’s leading companies.”