Danish fintech up-and-comer enters new collaboration with major German bank

This post is also available in: Danish

The fast-growing universal bank for private and corporate customers in Germany and neighboring countries Oldenburgische Landesbank AG (OLB) has partnered with Danish Mazepay. The Danish fintech provides a platform for expense management. The two parties have now announced their strategic partnership. The collaboration offers a digital solution for companies that increasingly need automation, transparency and compliance.

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Mazepay is designed to streamline processes and payments while ensuring compliance without adding complexity for employees. The founders, who have experience in large organizations, noticed a common problem: the lack of an effective solution to handle small purchases.

“Managing small purchases has always been a big challenge in all the companies I’ve worked for. Most employees didn’t follow purchasing policies – not because they didn’t want to, but because the process was too slow and cumbersome,” explains Dan Kortegaard, co-founder and COO at Mazepay in a press release.

Solution that eliminates problems

OLB is a leading issuer of commercial credit cards for B2B in Germany and Austria. OLB’s card solutions feature high standards of data management as well as many integration options for T&E, accounting and ERP systems. OLB and Mazepay offer a convenient and legal way to handle online purchases, subscriptions and payments to suppliers that do not accept cards, bringing an innovative approach to corporate spending.

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“Supplier performance is a challenge many companies try to solve by using internal labor or by outsourcing to cheaper countries, but these approaches often lead to inefficient, non-compliant processes that cause frustration. With OLB, we offer a solution that eliminates these problems. As a licensed payment institution, Mazepay ensures that supplier compliance is carried out correctly and continuously maintains compliance both regionally and globally,” says Søren Aabel Hammer, co-founder and CEO at Mazepay.

The unified solution eliminates the need for companies to manually create suppliers, saving significant time and effort. This automation is a game changer for companies with excessive manual work and insufficient automation. With a streamlined interface, the solution combines process and payment management, ensuring that every invoice is paid on time and suppliers are handled legally. Benefits include improved working capital, fewer hours spent on routine tasks and stronger supplier relationships, according to the press release.