Mazepay Raises $4.3M to Expand Spend Management Solution Across Europe

Mazepay has raised 4 million euros (about $4.3 million) to expand its corporate spend management solution across Europe.

The procurement and B2B payments platform is already used by customers in 21 countries on five continents, Mazepay said in a Wednesday (Feb. 8) press release.

“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,” Mazepay founder and CEO Soren Aabel Hammer said in the release. “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.”

PYMNTS research has found that a lack of visibility and control of non-payroll spending is costing Software-as-a-Service (SaaS) firms 4% of their total expenses.

The challenge is widespread, as 90% of SaaS firms reported that they don’t have full visibility and control over non-payroll spending, either before or after it happens, according to “The Financial Performance Quandary: Leveraging Automation to Better Manage Non-Payroll Spending,” a PYMNTS and Airbase collaboration.

Non-payroll spend management software is useful in helping B2B SaaS solutions providers install, track and control their spending, another report found.

As firms recognize this, two-thirds of those that are not now using automation for non-payroll spending are keen to adopt the technology, according to “Improving Financial Performance: The Speed of Spend Management System Adoption,” another PYMNTS and Airbase collaboration.

Mazepay’s platform is designed for medium- and large-scale enterprises and provides a compliant ecosystem in which they can manage all their B2B spending, according to the press release.

The platform is designed to streamline the process of managing thousands of suppliers and tens of thousands of invoices by eliminating the need to obtain authorization and signoff from multiple stakeholders, the release said.

Mazepay has also developed relationships with international and national banks and financial organizations to simplify B2B payments, per the release.

The company’s latest growth round was led by Scale Capital and included Hambro Perks and Outward VC.

“Innovation in B2B payments is a long way behind that of B2C payments, but the inefficiencies and risks surrounding B2B payments is a growing problem for large enterprises and their employees,” Outward VC Co-Head Kevin Chong said in the release. “Mazepay is at the forefront of this, and has built a best-in-class product used by some of Europe’s leading companies.”

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