Danish FinTech Mazepay raises €4m for expansion in Europe

By Gloria Methri

Mazepay, the Danish FinTech platform that simplifies 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, Mazepay empowers medium and large-scale enterprises to manage all B2B spending within a compliant global ecosystem. Its customers include the likes of Polestar, Orsted, Advania, Better Collective, Configit, and Sweco and partners include AirPlus International, Nordea, and SEB Kort.

Mazepay’s payment solution platform has also been integrated within the Mastercard ICCP (In Control Commercial Payments) which relates to over 70 banks globally and helps a new bank go live on the platform within 30 days of registration.

Søren Aabel Hammer, Founder, and CEO of Mazepay 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.”

Lars Jensen, Founding Partner of Scale Capital, added, “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, said, “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.”