Danish Financial Supervisory Authority (DFSA) has granted a pan-European payments institute licence to fintech firm Mazepay.

The licence will enable Mazepay to manage customers’ funds and supplier connections, as well as pay suppliers’ invoices directly in 27 countries in Europe.

In a blog post, Mazepay said that the DFSA licence highlights that the company complies with appropriate financial regulations.

Mazepay CEO Søren Aabel Hammer said: “When enterprises onboard and maintain long-tail suppliers within their own complicated legacy systems, the cost and resources required to operate increase exponentially as complexity grows.

“This is exactly the problem that we at Mazepay are solving. The licence granted by the Danish Financial Supervisory Authority adds further legitimacy to our platform and means we can begin to operate as a payments institution in Europe.

“Our solution matched with the license will act as a springboard as, in the future, we look to further expand globally and add a number of additional features and offerings to remove the needless complexity and cost out of corporate spending.”

Mazepay is a SaaS-solution that seeks to simplify procurement and streamline B2B payments for large companies. The PCI DSS certified firm follows the same standards as financial institutions to ensure compliance.

Earlier this year, banking-as-a-service (BaaS) platform Treezor received the green light to roll out a full spectrum of payment services in France.