Danish B2B spend management platform Mazepay, which automates and simplifies B2B financial transactions for enterprises managing long-tail spend, has raised €1.75 million from Vendep Capital. This fresh investment will enable Mazepay to expand its commercial staff and expand across Europe and North America.
- Founded in 2018 by Soren Aabel Hammer, Dan Kortegaard Nielsen, and Thomas Dragsbæk, Mazepay offers a B2B spend management solution that streamlines financial transactions and helps enterprises effectively manage long-tail spending. The platform integrates with the Mastercard ICCP system and enables seamless onboarding with global banks within 30 days.
- Headquartered in Aarhus, Denmark, Mazepay has offices in Copenhagen, Denmark, and Novi Sad, Serbia. The firm has a team of 28 and serves customers in 21 countries across 5 continents.
- Mazepay is trusted by notable firms such as Polestar, Orsted, Advania, Better Collective, Configit, and Sweco, and has partnered with financial companies like AirPlus International, Nordea, and SEB Kort.
Details of the deal
- The recent funding came from Vendep Capital, an Espoo-based venture capital firm that invests in early-stage B2B SaaS startups in the Nordics and Baltics, with ticket sizes ranging from €100,000 to €3 million.
“Mazepay’s commitment to delivering their solution to businesses eager to gain better control over their spending and optimize their processes has remained unwavering. They have demonstrated a fantastic ability to forge partnerships with the largest banks in the world, making them the go-to solution for spend management," General Partner at Vendep Capital, Jupe Arala, commented.
- With the fresh capital, Mazepay plans to expand its commercial team to accelerate growth across Europe and North America and to increase its customer base.
“We’ve recently expanded our focus to offer the Mazepay solution to small and medium enterprises in collaboration with our banking partners. This requires us to deepen our knowledge and expertise in delivering SaaS solutions to the SME segment, and Vendep Capital brings invaluable experience in this area," COO and co-founder of Mazepay, Dan Kortegaard Nielsen, stated.
