Mazepay, a Danish fintech platform that simplifies long-tail procurement and B2B payments, has appointed retired Mastercard Chief Transformation Officer Kevin Stanton to its board of directors.
The appointment comes at a crucial time for Mazepay, which has grown its ARR by 237% in 2023, with Stanton to accelerate growth and expand partnerships across North America and Europe.
Stanton brings a wealth of experience and strategic insight to Mazepay, having served across numerous senior roles at Mastercard for over two decades. While at the payments giant, Kevin was pivotal in developing and leading its global, data-driven services strategy, propelling it to the forefront of payments and services innovation. As Chief of Mastercard Data & Services, he transformed the business unit into a thriving entity that contributed significantly to Mastercard top- and bottom-line growth.
Stanton’s leadership and innovative mindset were further highlighted in his role as Mastercard Chief Transformation Officer, where he spearheaded efforts to adapt the company’s operating models and systems to meet the challenges of a rapidly evolving global landscape. He ensured the company’s sustained growth, value creation, and relevance to customers.
Kevin has also served as President of Mastercard Canada, and VP, Senior Counsel of Mastercard US & Canada.
Modernising Archaic B2B Payments Processes
Mazepay, founded in 2018 in Aarhus, Denmark, by CEO Søren Aabel Hammer, COO Dan Kortegaard Nielsen, and CTO Thomas Dragsbæk, is at the forefront of modernising B2B payment and procurement processes.
Currently, medium and large-scale enterprises have to deal with the 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, making it extremely time-consuming and leading to errors.
Mazepay offers a next-generation SaaS technology platform that empowers its customers to automate and manage all B2B spending within a trusted and compliant global ecosystem, making it as simple and seamless as possible.
Its long-tail spend management platform includes an end-to-end process for virtual cards, a subscription management system and onboarding and payments for suppliers who do not accept cards.
Mazepay’s customer base, including Polestar, Orsted, Advania, Better Collective, Configit, and Sweco, has tripled in 2023. It has partnerships with leading financial service organisations, including AirPlus International, Nordea, Citi, and SEB Kort. The company’s platform is integrated with Mastercard ICCP, connecting with over 70 banks globally and enabling swift onboarding for new banking partners.
According to a report from Goldman Sachs, B2B payments are expected to grow to $200 trillion by 2028. They will be five times the volume of B2C payments, while 7% of the $120 trillion B2B payment volume is conducted digitally, according to Manhattan Venture Research, illustrating how fragmented legacy systems with a lack of data standards are inherent in the B2B transactions space.
Kevin Stanton comments: “There’s no greater professional experience than working with people who share a passion for transforming lacklustre, traditional approaches to ecosystem opportunities by using technology to drive customer value and scale. For that reason, I am delighted to have joined the board of Mazepay. From my first conversation with the founding team I’ve been deeply impressed with what they’ve already accomplished, but what is most exciting is what’s ahead. I’ll leverage my experience and broader network to help accelerate growth and partnerships across North America and Europe and beyond.”
“We are thrilled to welcome Kevin to the Mazepay board,” said Søren Aabel Hammer, CEO of Mazepay. “His exceptional track record, deep understanding of data-driven strategies, and ability to navigate complex global business environments make him an invaluable asset to our team. Mazepay is growing, and Kevin's extensive industry knowledge and experience will help accelerate our growth journey as we expand across North America and beyond. His connections and experience will be vital in establishing new partnerships with leading commercial banks.”
Kevin Chong, Co-Head at Outward VC, adds: “One of the hardest things for all startups, but particularly those within highly technical and regulated industries such as payments, is finding and attracting experienced visionaries who can deliver company-defining counsel and networks. Expansion to North America represents an important inflection point for Mazepay. Kevin Stanton’s involvement will play a major role in it reaching its goal of simplifying payments for all large enterprises globally.”
Terkel Douglas, Investment Associate at Scale, further comments: “Kevin Stanton’s addition to the Mazepay board marks a significant milestone in the company’s journey towards revolutionising payment processes. From the first meeting, Kevin has demonstrated a remarkable ability to understand and tackle complex business decisions, in a way only someone with his extensive and successful career could.”