Denmark’s Mazepay has successfully raised €4 million to enhance its platform, which aims to streamline long-tail procurement and B2B payments.
The funding round was spearheaded by Scale Capital, with participation from Hambro Perks and Outward VC.
Established in 2018, Mazepay focuses on enabling medium to large enterprises to efficiently manage all aspects of B2B spending within a trusted and compliant global framework. The company addresses the challenges large firms face with long-tail spending, which often involves managing thousands of suppliers and tens of thousands of invoices through outdated methods that require authorization from multiple stakeholders.
Mazepay has developed SaaS technology that automates B2B financial transactions, making the process as simple and seamless as possible.
Søren Aabel Hammer, CEO of Mazepay, stated, “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.”