Italy-based payment solution that enables customers to buy now and pay later (BNPL) without interest Scalapay raised $155m in equity funding as part of their Series A round.
The round, which brought the total amount raised to date to $203m, was led by Tiger Global, with participation from Baleen Capital and Woodson Capital, which joined existing investors Fasanara Capital and Ithaca Investments.
The company intends to use the funds to expand operations scale internationally and launch new products to support merchants in luxury, fashion, and travel.
Founded in 2019 by Simone Mancini and Johnny Mitrevski, who were joined in the early stages by Raffaele Terrone, Daniele Tessari and Mirco Mattevi, Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, in three convenient instalments, without interest.
Since launch, Scalapay has offered services across Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands, and Austria. The company’s payment solution has provided 3,000+ merchant partners like Alberta Ferretti, Intimissimi, Liu Jo, Luisa Spagnoli, Moschino, MSGM, Twinset and many multi-brand retailers.
At a time when Klarna has a market valuation of $46bn, Square laid down $29bn to acquire BNPL player Afterpay, and PayPal shelled out $2.7bn to grab Japan’s Paidy, it’s a fair statement that the buy now pay later space is going from strength to strength.
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