Scale Capital led the growth round, which was joined by Hambro Perks and Outward VC.

Founded in 2018, Mazepay promises to empower medium and large-scale enterprises to easily manage all B2B spending within a trusted and compliant global ecosystem.

Currently, it says, large firms face long-tail spend problems that arise from managing thousands of suppliers and tens of thousands of invoices, with archaic methods requiring authorisation and sign off from multiple stakeholders.

It has developed SaaS technology that automates B2B financial transactions making them as simple and seamless as possible.

Søren Aabel Hammer, CEO, Mazepay, says: “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.”