In a typical business day, thousands of payments are filed by large corporations to suppliers, advertising channels and other service providers.
It's unlike anything in the B2C space, with whole departments in corporates dedicated to signing off on every single payment.
Danish startup Mazepay wants to change all of that with its fintech software platform for "long-tail procurement and B2B payments."
Founded in 2018 by Anders Drew Eskesen, Dan Kortegaard Nielsen, Soren Aabel Hammer, and Thomas Dragsbaek, Mazepay recently tied down €4 million in growth funding, in a round led by Scale Capital and backed by Hambro Perks and Outward VC.
Mazepay says today's B2B payments protocols are "archaic" and in need of modernisation. Its SaaS fintech platform was designed to accommodate spending caps and routine B2B financial transactions, and comes equipped with strategic integrations to various national and international banks, as well as the payments firm Mastercard.
As of last year, Mazepay had 28 staff and it recently was awarded an important pan-European operating licence by Denmark's financial supervisory board. The sanction has permitted Mazepay to directly process supplier invoices, further enhancing automated billing for large corporates as well as compliance.
Mazeplay clients include EV maker Polestar, energy supplier Orsted, and Nordic banking group Nordea. The company says the funding will help it expand into additional European territories.
Søren Aabel Hammer, Mazepay CEO and founder, commented: "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.”