Denmark’s Mazepay receives pan-European payments license to streamline B2B purchases
Danish fintech platform Mazepay has received a pan-European payments licence from the Danish Financial Supervisory Authority.
The licence will enable Mazepay to handle transactions on behalf of companies and pay suppliers’ invoices directly.
Founded in 2018, Mazepay helps medium and large enterprises across Europe deal with long-tail spend problems arising from having to manage thousands of suppliers and their invoices.
By receiving the licence from the Danish FSA, Mazepay says it can now handle its customers’ funds and supplier connections and pay invoices directly, adding “further legitimacy” to the platform.
Mazepay counts companies such as Advania, Better Collective, Configit, and Sweco as customers.
It has also partnered with SEB, Nordea, AirPlus and Mastercard, with over 70 banks globally connected with the Mastercard ICCP (In Control Commercial Payments) solution that Mazepay says it has integrated with.
“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,” says Søren Aabel Hammer, founder and CEO of Mazepay.
“Our solution matched with the licence 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.”
Mazepay says it employs a “diverse team” of 26 people and has raised €2 million to date, with London-based venture capital firm Outward VC leading its latest seed round in 2021.