Mazepay receives a pan-European payments license From the Danish Financial Supervisory Authority
By Joy Dumasia
Mazepay, the Danish FinTech platform that simplifies long-tail procurement and B2B payments, has been 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.
The granting of the licence by the Danish Financial Supervisory Authority, which allows Mazepay to handle its customers’ funds, handle supplier connections, and pay invoices directly, adds further legitimacy to the platform and demonstrates to customers, regulators and potential partners that it is operationally responsible and is compliant with financial regulations.
Søren Aabel Hammer, Founder and CEO of Mazepay, comments: “When enterprises onboard and maintain long-tail suppliers within their own complicated legacy systems, the cost and resources required to operate increases exponentially as complexity grows. This is exactly the problem that we at Mazepay are solving. The licence granted by the Danish Financial Supervisory Authority adds further legitimacy to our platform and means we can begin to operate as a payments institution in Europe. Our solution matched with the license will act as a springboard as, in the future, we look to further expand globally and add a number of additional features and offerings to remove the needless complexity and cost out of corporate spending.”
Founded in 2018 in Aarhus, Denmark, by CEO Søren Aabel Hammer, COO Dan Kortegaard Nielsen, and CTO Thomas Dragsbæk, Mazepay’s vision is to empower corporations and their employees to easily manage all of their B2B spendings within a trusted and compliant global ecosystem. Mazepay’s next-generation SaaS technology is underpinning this vision, which automates B2B purchasing and payments and makes them as simple and seamless as B2C transactions.
Mazepay counts the likes of Advania, Better Collective, Configit, and Sweco as customers and has partnered with SEB, Nordea, AirPlus and most notably, Mastercard, with over 70 banks globally connected with the Mastercard ICCP (In Control Commercial Payments) solution that Mazepay has integrated with.
The partnership with Mastercard enables a new bank to go live on the Mazepay platform within 30 days, with this rapid turnaround contributing to the number of transactions on the Mazepay platform doubling every quarter for the last three quarters. Through these strategic partnerships with global and regional banks and financial organisations, which introduce the solution to their customers, Mazepay is ensuring the global scalability of its FinTech solution. This has enabled Mazepay to simplify B2B payments for customers in 21 countries across 5 continents. Due to increased global uncertainty caused by the ongoing Russian invasion of Ukraine, rising inflation and supply chain disruption, Mazepay’s solution has never been more critical for enterprises, which urgently need to create transparency of spend, cut costs and reduce supplier risks.
Kevin Chong, Co-Head of Outward VC, comments: “B2B payments are compliance heavy, manual and generally an archaic experience compared to B2C payments, presenting a major opportunity for Mazepay to streamline and automate the process. The issuing of the payments institute licence is a critical step for Mazepay to deliver a transformative B2B payments experience for its customers.”
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